News

The Delray Ace will close Aug. 24 after nearly 50 years with a new owner taking the property.
Tim Stepien/The Coastal Star

By Christine Davis

Pam Schafer, 65, and her son Glennon, 26, have sold Delray Ace, at 50 SE Sixth Ave., meaning the hardware store will close after nearly 50 years.
The business was started by Pam’s father-in-law and Glennon’s grandfather, Frank Shafer, in 1972 and taken over by Pam’s husband and Glennon’s father, Bud, in 1989.
The store is scheduled to close Aug. 24 and is running a 40%-off sale until then. The Schafers had hoped that someone would keep the store running, but the new owner bought the property, not the business, they explained.
“It’s bittersweet,” Glennon says. “But with e-commerce and COVID, it’s been tough. The demographics have changed. People are not doing things around the house so much anymore.”
Pam Schafer — who has other longtime work at St. Joseph’s Episcopal School in Boynton Beach, first as a teacher’s aide and now as an administrative coordinator — has been overseeing the store and spends about 30 hours a week there, she says.
“After my husband bought the store from his father, he ran it until he passed away in 2005. I had to quit the school when Bud got sick to take care of him and started working part time at the hardware store.
“I ran it with my manager, Dale Hussey, all those years, but then he got sick and Glennon came in.”
“It was my turn to step up to the plate,” Glennon said. “I didn’t have much of a choice. I was going to college and teaching tennis at the time.
“I’ve been in charge of IT, behind-the-scenes stuff.”
Now, though, Pam has decided to focus on her work at St. Joseph’s, and Glennon, with an MBA from Florida Atlantic University, has realized that retail is not his thing.
However, the highlight of the business for both has been the service it provided to the community.
“l love Delray Beach and all our very nice customers who came in here all the time,” Pam said. “They are a good group of people, and trying to accommodate everyone’s needs, I really enjoyed that aspect of the store, but Glennon and I are ready for different chapters.”
They say they will look at other ways to further their family’s legacy.
“We’d like to continue from where my grandfather and father left off, something that will serve the community in some realm,” Glennon said.

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In July, the Boca Raton Resort & Club unveiled its new name, The Boca Raton, referencing “a new golden era,” beginning with a $175 million Phase One transformation set to be fully complete by winter 2021/2022. 
The resort’s owners, MSD Partners, L.P. and Northview Hotel Group, are stewarding the property into its new era with the architecture and design firm Rockwell Group, landscape architecture firm EDSA, branding and marketing agency King & Partners, and GarciaStromberg, a firm of architects, designers and artists.

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Skye at Boynton Beach LLC, tied to LeCesse Development Corp., sold 500 Ocean Apartments, 101 S. Federal Highway, Boynton Beach, for $105 million to four Delaware entities, with three tied to Avanti Residential in Denver, the property management arm of Capital Real Estate. The fourth entity, 101 S. Federal Highway Ground Owner LLC, is tied to Safehold, a New York-based real estate investment trust. The sale was recorded on June 25.
The Avanti entities financed the purchase with a $42 million loan from Berkeley Point Capital. Records show LeCesse paid $4.7 million for the 4.5-acre property in 2015, and built the complex in 2018. 500 Ocean Apartments consists of one- to three-bedroom units that range from 744 square feet to 1,306 square feet, according to its website. Amenities include a bowling alley, an infinity pool, a parking garage and a theater room and game room in the clubhouse. The property includes office and retail space.

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Real estate investor and motivational speaker Grant Cardone of Cardone Capital LLC announced on May 28 the acquisition of Camino Real Apartments, a 235-unit apartment midrise at 33 E. Camino Real, Boca Raton. According to The Real Deal, it was purchased for $69 million from Morgan Properties in an off-market deal. Morgan Properties purchased the complex in February for $46.8 million. Cardone plans to make $10 million in capital improvements to the apartments and common areas.

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John Krediet’s ocean-to-lake estate on 1.9 acres at 1780 S. Ocean, Manalapan, sold for $29,144,675 to 1780 SOB, LLC, according to public records dated July 8. Krediet, founding partner of C.F. Capital Management, bought the property for a recorded $4 million in 2010. The buying entity took out a $20 million loan from First Republic Bank, according to records, with James D. Robinson IV signing as the borrower.
Douglas Elliman agents Nicholas Malinosky and Randy Ely co-listed the property at $35 million. Agent Suzanne Frisbie of the Corcoran Group represented the buyer.
Built by Mark Timothy Inc., designed by Affiniti Architects and furnished by Marc-Michaels Inte-rior Design, the custom estate has 160 feet of waterfront on the ocean and Intracoastal Wa-terway, a tunnel under A1A, full-floor master wing, custom wine cellar, heated saltwater infin-ity-edge pool, and expansive grounds.

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Michael Cantor’s 1160 Manalapan LLC sold the 20,075-square-foot estate at 1160 S. Ocean Blvd., Manalapan, to a land trust managed by City National Bank of Florida for $28 million, according to property records dated June 1. The trust financed the purchase with a $20.3 million loan from HSBC Bank.
The recently renovated seven-bedroom estate sits on a 1.7-acre lot with a tennis court and 160 feet of waterfront on the Intracoastal and ocean.
Holly Meyer Lucas of Compass and Sara Eavenson and Missy McCloskey of Douglas Elliman represented the seller. Casey Flannery of Equestrian Sotheby’s International Realty brought the buyer. Michael Cantor is the CEO of Cantor Enterprises. Michael Cantor’s father, Edward Cantor, paid just over $1 million for the property in 1987.

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Randal Perkins, through 1111 South Ocean LLC, bought the oceanfront mansion at 1111 S. Ocean Blvd., Delray Beach, from Thomas and Michell Marra for $21.1 million in May. Perkins, the founder of AshBritt Environmental, a national disaster response and environmental services contractor, then sold the house on July 9 for $21,910,500. The new owner is 1111 Ocean Land Trust, with Boca Raton attorney Stuart R. Morris. It was purchased with a $14.2 million loan from Bank of America.
The 21,000-square-foot, seven-bedroom mansion, situated on an acre with 120 feet of oceanfront, includes a theater, gym, game room, an eight-bay garage, and a four-hole putting green. The house was designed by Randall Stofft and built by Cudmore Builders, according to the listing, which was held by Douglas Elliman’s Nick Malinosky and Randy Ely. They represented the buyer and seller in the earlier transaction but said they could not comment on the second sale.

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The late shoe mogul Bobby Campbell’s waterfront estate at 819 Orchid Drive in Boca Raton sold for $17.9 million in June.
The buyer was Florida-based 819 Orchid Drive LLC, with Eric Glazer as the LLC’s registered manager and agent. Oren Alexander of Douglas Elliman represented the buyer and seller.
The deal marks a record for single-family home sales in Boca, according to the brokerage, topping the $17.375 million sale in 2017 of 201 New Castle St.
Campbell, who died last year at age 82, was chairman and CEO of BBC International, a footwear property whose brands include Cole Haan, Polo Ralph Lauren, Tommy Hilfiger and Nine West.
Campbell paid $3.8 million for the property in 2000 and built a new house in 2019.
The 12,673-square-foot mansion, with nine bedrooms, four infinity pools, a dock, and atrium-like interiors, sits on a 0.59-acre corner lot with 343 feet on the Intracoastal Waterway.

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Joseph A. and Melissa L. Walsh bought the estate at 1315 N. Ocean Blvd. in Gulf Stream for $12.6 million from the Sharon Ann Millar Revocable Trust Agreement, with Sharon Ann Millar and Lawrence A. Sala acting as trustees. The sale was recorded July 7.
Joseph Walsh is CEO and president of the Dallas-based software support company Thryv. Melissa Walsh is a founder of Capital Blackbook, an event design and management firm near Washington, D.C., according to her LinkedIn page.
Sharon “Sherry” Millar is the widow of James F. Millar, who died in 2020. According to his obituary, he was president and CEO of Dublin, Ohio-based Cardinal Health. He also served on the board of Wendy’s International, First Industrial Realty and Columbus Industries.

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Miami-based Sabal Development’s founder, Pascal Nicolai, paid $9.85 million in June for an oceanfront, 55,000-square-foot lot at 3050 S. Ocean Boulevard, Manalapan. He plans to build a 12,000-square-foot, six-bedroom home with a movie theater, gym,  lounge, elevator, and a beach house with a dock. Architecture and interior finishes will be designed by TOGU Design of Miami. 
The sellers, Kenneth Brodlieb, chairman of New York-based car dealership East Hills Auto Group, with his wife, Andrea, paid $7.9 million for the lot in October 2020. The lot was listed in March for $12 million, then cut by $1 million in April, according to Realtor.com. Christopher Leavitt with Douglas Elliman represented the sellers, and Gilles Dalco of Bonaparte Real Estate represented the buyer, according to Zillow.com.

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Joshua D. and Victoria Frank purchased the waterfront home at 429 E. Alexander Palm Road, Boca Raton, from Cindy Barad Elias, a trustee of the Alexander Palm Revocable Trust. The 8,082-square-foot, six-bedroom home, with 88 feet of waterfront, sold for $9.6 million, with the sale recorded June 2.
The estate was built in 2012 by SRD Building Corp., with amenities include a club room with a bar, custom wine room, gym and infinity pool. Elias bought the property in 2013 for $6.456 million.
Bambi Ross of One Sotheby’s International Realty represented the seller, while Devin Kay of Douglas Elliman represented the buyer. Joshua Frank is a partner and the co-head of research at Trian Partners, an investment management firm with offices in New York and Palm Beach, according to its website.

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David Gibbs and his wife, Sharon, paid $8.465 million in May for an Intracoastal home at 550 Middle Road, Gulf Stream.
Gibbs is CEO of Yum Brands, owner of KFC, Pizza Hut and Taco Bell.
The seller is listed as a trust in Patricia Moran’s name. Moran is the former chair and CEO of JM Family Enterprises, a Deerfield Beach-based auto company that was founded by her father, Jim Moran.
She purchased the 6,401-square-foot home in 2016 for $6.7 million. The estate was built in 2001 on a 9,001-square-foot lot with 330 feet of waterfront.

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The Boca Raton Arts District Exploratory Corp. has appointed Matthew Cimaglia, the CEO and co-founder of Third Summit, to its board of directors.
BRADEC is seeking a deal with Boca Raton to build a $130 million performing arts center in Mizner Park. The project would be funded by donations from cultural arts supporters and corporations.
“It is critical to our mission to have an experienced professional of his caliber on our team in order to support the center’s focus on technology and innovation,” BRADEC President Andrea Virgin said in announcing Cimaglia’s appointment in June.
Third Summit is a network of digital media and financial companies, whose flagship platform is Alteon, a cloud-based, artificial intelligence-driven ecosystem for digital content creators.
Cimaglia, who grew up in Boca Raton, also has worked with Fortune 100 and 500 companies.

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In a 4-0 vote of the City Commission, FAU Tech Runway was approved on July 20 to lease the 1,850-square-foot, ground-floor office space at City Hall at Boynton Beach Town Square, 100 E. Ocean Ave.
Boynton Beach’s Department of Economic Development and Strategy is providing a one-time $50,000 grant for programming within the space.
Tech Runway, which received a five-year lease, is a startup incubator that connects entrepreneurs with educational resources, mentors and funding opportunities.

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The Executive Women of the Palm Beaches Foundation has named its new board for the 2021-22 year, with Amy Brand, CEO of Philanthropy Tank, to serve as president.
The selection came June 23 at the organization’s annual meeting at the Beach Club in Lake Worth Beach.
Brand will be joined by Cecilia Hudnet, director of sales with the Chesterfield Palm Beach, as vice president of resource development/membership; Kae Jonsons, director of development with the Delray Beach Public Library, as vice president of resource development/fundraising; Kathy McGuire as vice president of programs and education; Angie Francalancia of The Connection Public Relations as secretary, and Trudy Crowetz as treasurer and immediate past president.
Cindy Pollack, a vice president at Edward Jones, is treasurer-elect, and Nellie King is legal counsel.
Board members include Jessica Clasby, Sailynn Doyle, Lisa Huertas, Barbara Scarlata, Lena D’Amico, Jackie Halderman, Marlene Ryan, Marcella Scherer and Trixy Walker.
During the meeting, Jonsons was named 2021 member of the year, and Jo-Ann Clynch was named new member of the year. 

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Jorge Pesquera, president and CEO of Discover The Palm Beaches, received the Presidents Award during the Gold Coast PR Council Bernays Award presentations announced July 20 via Zoom.
Pesquera was honored for aggressively promoting and protecting South Florida’s vital tourism and hospitality industry during the pandemic.
Lisa De La Rionda, director of Palm Beach County’s Public Affairs Department, was named PR Star for how she communicated the county’s response to the pandemic to the public and the media.
The Founders’ Award went to the Gold Coast PR Council’s treasurer, Michael Turnbell, for keeping the organization solvent and viable during the difficult economic environment.
Other award recipients included: Palm Tran, in the nonprofit project or campaign, small category; T. Leroy Jefferson Medical Society, in the nonprofit project or campaign, large category; and Loggerhead Marine Life Center, in the social media campaign, nonprofit category.
The Crisis Communications award went to Food For The Poor. Labor Finders received the award for marketing materials, print, internal and external category. Multi-Media Works, Inc. was the winner in marketing materials, digital/video, internal and external category.
Solid Waste Authority of Palm Beach County won in the special event, live or virtual category.  Boardroom PR won the award for social media campaign, for profit category.
Kaye Communications Inc. won for PR campaign by a small company or firm, and Lynn University for PR campaign by a large company or firm.
The awards were hosted by Rich Pollack of Pollack Communications, Anne Dichele from the Gold Coast Down Syndrome Organization, and David DiPino from Tenet Florida Physician Services.
The annual awards recognize excellence in public relations campaigns, marketing programs, and media coverage.

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Robert Carlo is now Florida Peninsula Insurance’s director of litigation. Carlo began his claims career at Progressive Insurance and continued with roles at GMAC Insurance, American International Group, Acceptance Insurance, Direct General Insurance, Windhaven Insurance Co., National General Insurance, and Fed Nat Insurance. 
Carlo is a native Floridian who completed his undergraduate studies at the University of Florida and earned his MBA at the Keller Graduate School of Management. Carlo will work out of the company’s Boca Raton office.

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New degree and certificate programs in construction and the health sciences are slated to begin this fall term at Palm Beach State College, aiming to meet industry demands. Fall term classes begin Aug. 23.
The building construction management associate degree and building construction specialist college credit certificate focus on managing the construction process and high-demand knowledge and skills. For more information, visit www.palmbeachstate.edu/career-pathways/pathway-industry. 
The health services management associate degree will prepare students to work on the business and financial sides of health care delivery. The surgical services associate degree will prepare surgical technologists. For more information, visit www.palmbeachstate.edu/career-pathways/pathway-health. 

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