In Boca, Related Ross buys Boca Raton Innovation Campus (BRiC) — former home of IBM
Geronimo Tequila Bar and Southwest Grill is a tenant at 105 E. Atlantic Ave., which was taken over by Redfearn Capital in one of the richest sales along the Avenue. Photo provided
By Christine Davis
A pair of Atlantic Avenue properties, home to Tramonti Ristorante, Sloan’s Ice Cream, and Geronimo Tequila Bar and Southwest Grill, have a new owner.
DHBH Atlantic LLC, managed by William B. Himmelrich, and 60½ LLC, led by Beverly Hosokawa, sold the buildings at 105 and 111 E. Atlantic Ave., Delray Beach, at an auction on Sept. 10. Delray Beach-based Redfearn Capital, a private equity real estate firm, made the highest bid at $38.2 million and became the new owner.
The properties sit on 0.38 acre and comprise 23,290 square feet of retail, restaurant and office space. Besides the ground-floor retail tenants, one of the two second-floor office suites is also leased.
The buildings, which were constructed in 1952 and 1971, had not been sold in more than 20 years, said Katalyst Real Estate’s Don Ginsburg, who worked with the sellers.
“The price per square foot of $1,674 is one of the highest ever for Atlantic Avenue,” he said. “That same day, Redfearn Capital also acquired 123 E. Atlantic Ave. in a separate transaction, for $4 million, so now Alex Redfearn’s company owns the entire block.”
This auction resulted from an arbitration settlement between the two sellers over a partnership dispute that was settled in 2024. The dispute involved claims that the Hosokawa family had been taken advantage of as the late Dave Hosokawa’s health declined. Under the settlement, both parties agreed to sell the properties together and divide the proceeds at closing. Beverly Hosokawa also received reconciliation payment.
The attorneys involved included Gary Mansfield and David Stone of Mansfield, Bronstein & Stone LLP, who represented Beverly Hosokawa. They represented her individually, as trustee of the David “Dave” A. Hosokawa Revocable Trust, and as personal representative of David Hosokawa’s estate. Hosokawa was CEO of TMP Worldwide, the parent company of Monster.com.
Himmelrich was represented by attorney Lance Shinder.
Representing the sellers were Cushman & Wakefield’s Mike Ciadella, Scott O’Donnell and Miguel Alcivar, along with Katalyst Real Estate’s Ginsburg and Adam Steinlauf.
Cushman and Wakefield’s Florida EDSF Team, Ron Granite and Jason Hochman, represented Redfearn Capital in securing financing for the acquisition.
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Related Ross recently acquired the Boca Raton Innovation Campus, a 124-acre office and technology campus at 5000 T-Rex Ave. The acquisition represents Related Ross’ first venture into Boca Raton. The 1.7-million-square-foot center was developed in the late 1960s as an IBM research and development facility. IBM’s Boca Raton team developed the IBM Personal Computer, which was introduced in 1981.
“BRiC changed the course of technology once before for the region, and it will play an important role in what comes next,” said Stephen M. Ross, chairman and CEO of Related Ross. “We have spent nearly 30 years investing in West Palm Beach, and this acquisition gives us the opportunity to bring that long-term commitment and experience to Boca Raton. We want to build on what is already working here and help create the conditions for more companies, talent and ideas to thrive.”
The transaction was not listed in public records as of late September, nor was the financing Related Ross received from Ares Real Estate funds, which was arranged by Newmark.
The seller was a partnership group that included CP Group, Rialto, DRA Advisors and Las Olas Capital Advisors.
The group bought the property in 2021 for $320.2 million and made capital improvements that increased occupancy levels and rents. CP Group and a different set of partners acquired the property in 2018 for $179 million.
Related Ross will continue operating BRiC as an office and technology campus while pursuing a longer-term mixed-use vision for the property.
“With D-Wave at BRiC and FAU nearby, Boca Raton has a strong foundation for attracting more technology companies and developing local talent,” said Jordan Bargas, executive vice president at Related Ross. “We see BRiC becoming a major center of that growth, and we’re looking forward to creating a workplace environment with a curated mix of amenities, retail and restaurants that can evolve with the businesses here.”
Bargas is referring in part to D-Wave Quantum’s decision to move its corporate headquarters from Palo Alto, California, to BRiC. Separately, Florida Atlantic University plans to install a D-Wave Advantage2 quantum computer on its campus. The project will support research, education and job training in the field.
In addition to Related Ross’ investment in BRiC, the Related Ross Foundation’s Build Together initiative will work with Boca Raton organizations that expand opportunities for local residents.
Related Ross worked with Adam Beighley of Beighley, Myrick, Udell P.A. as land-use counsel; Holland & Knight’s Shawn Amuial and Eric Reissi as transaction counsel; and Joe Dewey and Jessica Hoch as financing counsel.
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MGM Designs LLC, managed by auto dealer Ralph J. Gesualdo in Lake Forest, Illinois, sold the 1.97-acre property at 1820 S. Ocean Blvd., Manalapan, to 1820 S. Ocean LLC, managed by Palm Beach-based attorney Maura Ziska. The off-market deal was recorded in September, priced at $30 million. The property has 160 feet of frontage along both the ocean and the Intracoastal Waterway. The lot last traded for $7.05 million in 2015.
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Eugene and Judith Reilly sold their Intracoastal waterfront residence at 1033 Waterway Lane, Delray Beach, to Meir Teper, trustee of the Meir Teper Trust. The selling price, recorded in July, was $20 million. Kathleen Hutchison of Hutchison Real Estate Co. represented the sellers. Premier Estate Properties’ The Pascal Liguori Estate Group represented the buyer. With six bedrooms and 7,827 square feet, the property previously sold in 2021 for $11.38 million. Teper, with Robert De Niro and chef Nobu Matsuhisa, co-founded the upscale restaurant Nobu, including one at the Eau Resort & Spa in Manalapan.
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The 500 Alexander Palm Land Trust sold the 8,281-square-foot Intracoastal waterfront home at 500 E. Alexander Palm Road in the Royal Palm Yacht & Country Club, Boca Raton. The $20 million sale was recorded in September. The buyer is the 500 E. Alexander Land Trust, with Aaron S. Adler as trustee. David Roberts of Royal Palm Properties brokered the deal.
The home last sold new for $25.75 million in 2022. It is situated on a 0.34-acre lot on the Intracoastal Waterway.
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The 434 S. Maya Palm Drive Real Estate Trust, with attorney Jeffrey A. Levine as trustee, sold the 9,243-square-foot home at 191 W. Coconut Palm Road in Boca Raton’s Royal Palm Yacht & Country Club to the Opalex Living Trust Land Agreement, with Mathieu Laplante as trustee.
The price, recorded in August, was $16.85 million. Natbank provided a $10.7 million mortgage to the buyers, with Mathieu Laplante and his wife, Murphy Filion, signing as borrowers. They are co-founders of the travel insurance firm soNomad. The home was built on the 0.35-acre lot along a canal leading to the Intracoastal Waterway in 2025. David Roberts of Royal Palm Properties represented both sides of the deal.
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Pebb Capital secured a $223 million refinancing for Sundy Village, a 7-acre mixed-use campus in downtown Delray Beach. Provided by J.P. Morgan and Hudson Bay Capital, the deal replaces the project’s existing construction loan while providing additional capital for tenant improvements. J.P. Morgan, which provided the original construction financing alongside Monroe Capital, is increasing its commitment through the refinancing, while Monroe Capital will conclude its participation in the construction phase.
The financing was arranged by Walker & Dunlop’s Institutional Advisory Practice, led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Dustin Stolly. Aaron Casden served as the J.P. Morgan banker on the transaction.
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Lang Realty was selected for membership in Leading Real Estate Companies of the World. This relationship gives Lang access to a global network of firms and professionals as well as referral opportunities, expanded marketing reach and technology support.
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The League of Women Voters of Palm Beach County hosts a Hot Topic Luncheon, “America 250: Is Democracy in Danger? An Historian’s Perspective and Predictions for Election Day,” with Robert Watson, Ph.D. The luncheon is from 11 a.m. to 1 p.m. Oct. 21 at Fountains Country Club in Lake Worth Beach.
Watson is distinguished professor of American history and Avron Fogelman Research Professor at Lynn University. Cost to attend is $50. Register by Oct. 14 at lwvpbc.org.
Send business news to Christine Davis at cdavis9797@gmail.com.
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