Berger Commercial Realty’s Steve Hyatt Negotiates Sale Of Delray Beach Parcel For $5.5 Million

Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the Seller, 1^st 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.

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.”