The Coastal Star

Business Spotlight: Boca’s IMI moving into part of iPic space in Delray Beach

Economic woes led to the collapse of the iPic Theater, but International Materials Inc. signed a lease to move its corporate headquarters into the third floor of the building in downtown Delray Beach. Photo provided

By Christine Davis

International Materials Inc., an international trading and logistics provider, signed a lease on a 20,052-square-foot space in early July to relocate and expand its corporate headquarters. Moving from Boca Raton to The Offices at 4th & 5th Delray Beach, the company will occupy nearly two-thirds of the mixed-use building’s third floor to accommodate its roster of 45 full-time professionals and have room to grow. 
The Offices, located a half-block south of Atlantic Avenue, is a 144,733-square-foot, four-story mixed-use project, developed in a joint venture between the Boston-based Samuels & Associates development firm and American Realty Advisors, a Los Angeles-based private equity real estate investment manager. 
The development consists of iPic Theater, retail space, office space and a parking garage. In December 2019, after iPic Entertainment changed hands in bankruptcy court, the lender — Retirement Systems of Alabama — canceled iPic Entertainment’s lease for headquarters office space in the new theater building, known as 4th & 5th Delray.
Founded in 1987, IMI is an independent trading company of bulk, raw materials that serves customers in cement, construction and steel markets in more than 60 countries. In addition to its South Florida headquarters, it has offices in Madrid, Singapore, Dubai, Shanghai, Bogota, Melbourne and Hanoi. 
“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, president and CEO of the Greater Delray Beach Chamber of Commerce.
In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, a Toronto-based commercial real estate firm, and IMI was represented by Ingrid Kennemer of Coastal Commercial Group, a Delray Beach commercial real estate firm.

JLL Capital Markets announced in August that it arranged a $9.26 million refinancing for The Forum, a 73-unit apartment complex at 1361 S. Federal Highway, Boca Raton. JLL worked on behalf of the borrower, Boca Raton-based Rosemurgy Properties, to secure the 120-month, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily LLC, a Freddie Mac Optigo lender. The property is undergoing $1.3 million in renovations, and to date, Rosemurgy Properties has contributed $2 million in upgrades.

A recently completed ocean-to-lake estate at 640 S. Ocean Blvd., Manalapan, sold for $36.05 million in July. A revocable trust named after the property’s address was on the seller’s end of the transaction, with West Palm Beach real estate attorney Maura Ziska as the trustee.
On the buyer’s side, City National Bank of Florida acted as trustee of the 2401-3315-00 Trust. The listing broker was Lawrence Moens of Lawrence A. Moens Associates.
The nine-bedroom estate and guest house, with 23,187 total square feet, features 150 feet of waterfront on its east and west sides. The 1.9-acre property was listed for $41.75 million in January and last sold in March 2017 for $11 million. 

Delray Beach’s Frank McKinney sold his latest spec home for $10.1 million on July 2. This project, a contemporary residence at 3492 S. Ocean Blvd., South Palm Beach, with 90 feet of oceanfront, was bought by Republic First Bancorp Chairman Vernon W. Hill II and his wife, Shirley, with Corcoran Group agent Steven Presson handling both sides of the deal.
Last year, McKinney told The Coastal Star that this was to be his “final masterpiece,” and he shared changes he’s seen in Florida real estate over his 30-plus years in the business.
“A lot of trends that start at the top trickle down and make their way into the everyday home,” he said. “Examples include granite countertops, stainless steel and the under-the-counter coffee makers. Three decades ago, these features could only be found in luxury homes; today, they are a must in nearly every home, thanks to demand and cost reduction.”
In this five-bedroom, 7,850-square-foot residence, sold furnished with interior design by McKinney’s wife, Nilsa, he went above and beyond. Highlights include a kitchen countertop made of 11,000-year-old azure-blue lava; a sphere-shaped aquarium filled with jellyfish in the living room, rooftop terrace, and a beachfront pool.

The Thousand for 2020, an annual national award ranking the top 1% of the nation’s real estate professionals, published its results in July, with a number of agents who are with firms serving the coastal area in south Palm Beach County included.
Here are the results: Individuals by volume: No. 15, Suzanne Frisbie, Premier Estate Properties Inc., Boca Raton, $196,230,116; No. 74, James McCann, Premier Estate Properties Inc., Boca Raton, $112,360,000; No. 159, Marcy Javor, Signature One Luxury Estates LLC, Boca Raton, $79,545,500.
Individuals by transaction sides: No. 68, Paul Saperstein, eXp Realty, Boca Raton, 164 transaction sides.
Small teams by volume: No. 34, Pascal Liguori, Premier Estate Properties Inc., Delray Beach, $164,316,000; No. 51, Candace Friis, The Corcoran Group, Delray Beach, $133,158,500; No. 52, The Cotilla Luxury Team, Douglas Elliman, Boca Raton, $131,867,734.
Agent-owned brokerage by transaction sides: No. 2, Ralph Harvey,, Boynton Beach, 1,636 transaction sides.
Agent-owned brokerage by volume: No. 3, Ralph Harvey,, Boynton Beach, $444,911,020; No. 6, David W. Roberts, Royal Palm Properties, Boca Raton, $335,116,000.
The Thousand is sponsored by Real Trends and Tom Ferry International coaching.

Two South County government leaders were recognized recently for their roles.
Lori LaVerriere, Boynton Beach city manager, is serving as the secretary/treasurer on the Florida City and County Management Association board for the financial year of 2020-2021. She was elected in May. An association member for more than 20 years, she has served as a District IV director for the past three years. After serving as secretary/treasurer, LaVerriere is slated to serve as president-elect and ultimately as president of the association in the next three years.
With more than 30 years of public service, LaVerriere has worked for three Palm Beach County towns. Since 2008, she has served the city of Boynton Beach, where she became city manager seven years ago. With 16 departments, she leads a team of more than 800 employees who serve nearly 80,000 residents.
She has a bachelor of arts degree from Florida International University in business administration and a master’s in business administration from Palm Beach Atlantic University.
Hassan Hadjimiry, the new utilities director for Delray Beach, is the other honoree. In early August, he received the 2020 Government Engineer of the Year award, presented by the Florida section of the American Society of Civil Engineers.
Hadjimiry has more than 38 years of management and engineering experience in the water utilities industry. He started as a staff engineer at the Palm Beach County Water Utilities Department in early 1982. Over the years, he progressed to become deputy director for the third-largest water utility in Florida.
At the county department he developed and implemented a reclaimed water program that provides more than 30 million gallons per day to local golf courses, residential areas and constructed wetlands. Reclaimed water is treated wastewater suitable for irrigation but not for human consumption.
Hadjimiry holds a master of science degree in water resources engineering from Florida Atlantic University, was named the 2009 Water Reuse Person of the Year in Florida, and is a five-time winner of the County Administrator’s annual Golden Palm Award, the highest level of recognition for county government employees.

Rocco Mangel, founder of Rocco’s Tacos and Tequila Bar, was appointed by the Delray Beach City Commission on Aug. 11 to serve on the board of the Delray Beach Downtown Development Authority. Mangel operates nine restaurants throughout Florida and New York. He has been an active member of the downtown Delray Beach community as a business owner since 2010.

Max Weinberg, the longtime drummer for Bruce Springsteen’s E Street Band and a four-year resident of Delray Beach, was appointed to the Delray Beach Planning & Zoning Board by the City Commission on Aug. 18. Weinberg has purchased and restored old homes on the East Coast and in Delray Beach. Weinberg also serves on the board of the nonprofit Delray Beach Preservation Trust.
The commission also appointed Allen Zeller, a land-use attorney and Delray Beach resident since 2003, to the P&Z Board. He has also served as a board member of the Delray Beach Community Redevelopment Agency, president of the Marina Historic District and serves on the Preservation Trust.
Incumbent P&Z Board members Julen Blankenship and Robert Long were reappointed. A fifth board member will be appointed at the commission’s Sept. 10 meeting.

The Seagate Hotel & Spa in Delray Beach announced the addition of two new members to its leadership team: Jamie Erler, director of membership, marketing and communications for The Seagate Clubs, and Sonny Grosso, director of golf for The Seagate Country Club.

In August, John M. Campanola was named a member of the 2020 executive council of New York Life. The council recognizes the top 21% of New York Life’s field force of more than 12,000 licensed agents in sales achievement. Campanola, a Boynton Beach resident, has been a New York Life agent since 2012.
He is associated with New York Life’s South Florida General Office in Sunrise, and he works out of its offices at 401 W. Atlantic Ave., Suite 09, Delray Beach.

Debbie Abrams, president of the Gold Coast PR Council, announced in July this year’s Bernays Awards winners, honoring excellence in local public relations campaigns, marketing programs and media coverage.
The council’s Presidents Award, which goes to a person or organization for outstanding performance, was given to Sandy Collier of Hey Sandy PR & Communications in Wellington for her work on behalf of evacuees from the Bahamas following Hurricane Dorian.
Other awards include: PR Campaign/Large Company or Firm award went to The Moore Agency; PR Campaign/Small Company or Firm award went to Katnip Marketing; Crisis Communications award went to Loggerhead Marinelife Center; Nonprofit Project or Campaign award went to The Buzz Agency; Social Media Campaign/Nonprofit award went to  Florida Atlantic University; Social Media Campaign/Corporate award went to Mugsy PR; Special Event award went to Food For The Poor; Marketing Material/Print award went to Clerk & Comptroller, Palm Beach County; Marketing Material/Digital award went to Clerk & Comptroller, Palm Beach County.
The organization’s PR Star Award went to Scott Benarde, for the reopening of the Norton Museum of Art, the Founders Award went to Abrams, who is also senior vice president of The Buzz Agency, and Judges Awards went to BlueIvy Communications and Labor Finders International.
The council paid special tribute to two previous award winners who recently died: John Shuff of JES Media, publisher of Boca Raton magazine, who was remembered by Group Editor-in-Chief Marie Speed; and Jay Van Vechten, founder of the Boating and Beach Bash for People with Disabilities in Boca Raton, a four-time Bernays Award recipient, who was eulogized by his widow, Lowell Van Vechten.

In response to increasing dependence on reliable internet connectivity due to COVID-19 stay-at-home precautions, QXC Communications’ fiberoptic network technology is offering a solution for South Florida customers. QXC designs and installs fiber-optics using Active Optical Network direct fiber-to-the-home architecture to deliver internet, WiFi, HD TV, and VoIP phone services to condominium communities, businesses, outdoor events, and U.S. military bases. Unlike coaxial cable, QXC’s AON fiber installments run a dedicated fiber strand to every home or condo directly. With this technology, in the event of a power outage, customers connected to the wireless backup won’t lose service.
QXC’s service contracts include Villa Magna Condominiums in Highland Beach, Seagate of Highland Beach, and East Wind Beach Club in Delray Beach.
Founded in 2011, Boca Raton-based QXC Communications serves customers throughout the United States. For more information, visit
— Jane Smith contributed to this column.
Send business news to Christine Davis at

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