Memorial Healthcare System paid $49 million for the shuttered Hollywood Fashion Center mall, property records show.

The 8-acre property houses the 155,880-square-foot shopping center, which was constructed in 1971 and closed in 1993. Today, the building is home to Gordon Food Service Store, a food distribution center and grocery store. Located at 101 South State Road 7, the site sits adjacent to Hollywood Boulevard, surrounded by big-box stores such as Aldi and Walmart.

Memorial Healthcare System, a nonprofit hospital system, is looking to redevelop the property into “a wellness hub” but has yet to make a final decision and construction is at least two years away, according to a statement from the hospital.

Brothers Shlomi, Izac and Lior Ben-Shmuel, bought the Hollywood property last year for $7 million with each owning a third, according to property records.

Jason Tobin and Louis Granteed of Tobin Real Estate represented Memorial Healthcare System in the transaction.

Source:  Commercial Observer