Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the Seller, 1st Avenue Capital 301 Propco LLC., in the sale of vacant parcel of land comprising 1.46 acres located at 301 SE 1st Avenue in Delray Beach, Florida.
The Buyer, TWJ 301, LLC, which was represented by Brian Rosen with Marcus & Millichap, paid $5,500,000 for the vacant parcel. The buyer is affiliated with Florida East Coast Realty (Tibor Hollo and family based in Miami), founded more than 60 years ago. FECR has built more than 60 million square feet of office, industrial, retail, and residential properties in South Florida.
The transaction closed February 12.
The property, which is located just south of the very popular shopping and dining street Atlantic Avenue in East Delray Beach, is ideal for infill multifamily residential development.
The Buyer intends to hold for future development.
“The East Delray area has seen strong activity with new multifamily housing, new retail shops and new restaurants in the vicinity of Atlantic Avenue,” explained Hyatt. “The acquisition of this property by Florida East Coast Realty, with its strong reputation for quality development, speaks very well for the long-term future of the East Delray market.”
About Berger Commercial Realty/CORFAC International: Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently owned commercial real estate brokerage firms. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information about Berger Commercial Realty’s brokerage services, CALL 954.358.0900 or visit www.bergercommercial.com.
About CORFAC International: CORFAC International is a global network comprised of privately held entrepreneurial commercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 75 offices in the U.S., Canada, and international markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Russia, Singapore, South Korea, Switzerland, Thailand, and United Kingdom. CORFAC offices close an average of 10,000 lease and sales transactions valued in excess of $9.0 billion annually, totaling 500 million square feet closed and 65 million square feet managed worldwide.
