The Coastal Star

Business Spotlight: Downtown Delray retail and office building sells for $31 million

By Christine Davis

In December, Delray Beach developer Craig Menin’s Rosebud 110 LLC paid $31 million for a retail and office building at 110 E. Atlantic Ave. from a company tied to RMS Properties, a Schaumburg, Ill.-based property management firm. Menin financed the deal with a $26.5 million loan from BankUnited.

The property last sold for $8.5 million in 2014, according to public records. The building, which sits on nearly half an acre about seven blocks west of the Intracoastal Waterway in downtown Delray Beach, comprises two restaurants, including Rocco’s Tacos and Tequila Bar, 40,000 square feet of office space, underground parking and a new lobby.

                            

Boston Red Sox owner John Henry’s 27,832-square-foot home, Tashun (House of Peace), at 6011 Le Lac Road in Boca Raton, was recently listed for sale by Senada Adzem, an agent with Douglas Elliman, for $25 million. The compound on 6.4 acres has a seven-car garage and a tennis court. Henry briefly owned baseball’s Florida Marlins before buying the Red Sox. Henry also owns the Boston Globe and British soccer team Liverpool FC.

                            

In November, ICM Realty Group sold the 92,260-square-foot office building Atrium in the 700-acre Park of Broken Sound in Boca Raton for $22.4 million. It was purchased by a partnership between Alchemy-ABR Investment Partners and Breakers Capital Partners.

The property previously traded for $17.05 million in 2016. Atrium at Broken Sound, built in 1986, was the former headquarters of Rexall Sundown.

                            

The Premier Estate Properties’ D’Angelo Liguori team recently listed La Plage Villa at 4005 S. Ocean Blvd. in Highland Beach for $22 million. Sabal Development, a company owned by Nicolai Pascal, bought the property in July 2016 for $4.425 million. The new four-level modern home will take a year to complete and features 100 feet-plus on the ocean, rooftop sky deck and a five-bay garage.

John and Jennifer Williams’ Intracoastal Waterway home, La Casa Delle Palme at 166 W. Alexander Palm Road in Boca Raton,  sold for $9.996 million in November. The home was listed by the D’Angelo Liguori team. The new owners are Adrian and Mary Zaccaria as trustees for the Adrian and Mary Sandra Zaccaria Trust.

                            

An estate at 1500 S. Ocean Blvd., owned by a trust of the late resident Fred R. Marcon in Manalapan, sold for $19 million in late December. Kathryn Gillespie, an agent with Illustrated Properties, represented the seller. The new buyer is listed as a trust of Robert F. Schemel, which has a Lantana address. The 11,673-square-foot mansion, with 178 feet on the ocean and 178 feet on the Intracoastal Waterway, was designed by Randall Stofft Architects and constructed by Cudmore Builders in 2008.

The property sold for $8,290,800 in March 2005, according to public records.

      

The first two sales took place in the new six-unit townhome project at 3621 S. Ocean in Highland Beach.  Photo provided

                     

A new luxury townhome project at 3621 S. Ocean Blvd. in Highland Beach recorded its first two sales. The six-unit project was completed by a joint partnership among Sean Posner’s Grafton Street Capital, Capital Development Group International and Halstatt Real Estate Partners.

Steven E. Bernstein, founder and chairman of SBA Communications, paid $6.9 million in November for townhome U-1, property records show. SBA Communications, based in Boca Raton, owns and operates wireless infrastructure in North America and Latin America.

Townhome U-2 sold for $6.6 million to Joel Zychick, who acted as a trustee of the Stuart Siegel irrevocable trust.

The land, which was purchased in 2015 for about $11 million, is a little more than an acre with 201 feet of ocean frontage. The development team broke ground on the project in 2016. The five-bedroom, six-bathroom, four-story townhomes each have a pool, rooftop deck, high ceilings and two-car garages.

Chris Leavitt and Ashley McIntosh of the Leavitt McIntosh team at Douglas Elliman are handling sales.

                            

Construction has hit the homestretch at the seven-story 3550 South Ocean condominium complex in South Palm Beach, which topped out this summer. Palm trees were hoisted by the tower crane and loaded onto the pool deck, and now the tower crane is gone.

Expected occupancy is mid-2019. Pricing starts at $2.31 million, with Douglas Elliman Development Marketing handling sales

A development for DDG, a firm that has developed residential buildings in New York and California, this project represents a new phase of the company’s expansion as well as its first project in Florida.

GarciaStromberg | GS4studios of Palm Beach, Kobi Karp Architecture of Miami, and Champalimaud of New York teamed up to design the contemporary beachfront building.

                            

The Boynton Beach Community Redevelopment Agency has been on an award winning streak this past year, earning 31 honors for economic-development strategies in the marketing and promotion of its partnerships and programs.

The CRA produces several annual events that attract visitors downtown to support local businesses. Those efforts were lauded by three agencies.

The Florida Festivals & Events Association gave 12 SUNsational Awards to the CRA for everything from the Boynton Beach Haunted Pirate Fest & Mermaid Splash to the Boynton Beach & Delray Beach Holiday Boat Parade.

The Florida Redevelopment Association gave two 2018 Roy F. Kenzie Awards to the CRA for social-media outreach and the annual report.

Finally, the International Festivals & Events Association gave 17 awards to the CRA in gold, silver and bronze categories during the IFEA / Haas & Wilkerson Pinnacle Awards competition.

                            

Florida Atlantic University’s A.D. Henderson University School celebrated its National Blue Ribbon distinction at a ceremony in December. The Boca Raton elementary and middle school, which was recognized as high performing based on overall academic performance, was one of 12 schools in Florida to be named a National Blue Ribbon School by the U.S. Department of Education.

                            

Producing eco-friendly paper straws, FarfromBoring Hospitality is trying to reduce the more than 500 million non-biodegradable plastic straws used every day in the United States. These may end up in the ocean as pollution where they are eaten by sea birds, turtles and other marine life.

The B2B business has also partnered with Trees for the Future to plant a tree for every case of straws sold. The company is at 6401 Congress Ave., Suite 215, Boca Raton. For more information, visit www.paperstrawwholesalers.com.

Send business news to Christine Davis at cdavis9797@gmail.com.

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