The lease deals are an indication that the South Florida retail market is bouncing back faster than expected from the dark days of the pandemic, according to the landlord.
Tricera Capital obtained $50.75 million in financing for the adaptive re-use project.
Records show Colorado real estate investor and developer Mark Hunt is on the buyer’s side of the off-market sales.
Tricera expects to deliver the Joseph’s space in mid-2022.
Kirk Olson and Drew A. Kristol represented the seller, an institutional investor with several offices throughout the country and procured the buyer, Benderson Development.
The Town Square project involves the $118 million renovation of the historic Boynton Beach High School into an Arts and Cultural center, a Children’s Schoolhouse Museum, a fire station, police station, residential, retail, hospitality, public amenities, parking garages, a library, and a new City Hall to create positive community and economic impact.
PEBB and Banyan closed on the $2.1 million acquisition on Dec. 21.
RedSky Capital, which purchased the premier trophy property in 2016, recently completed over $8 million in property renovations. CLICK ON THE HEADLINE FOR MORE
With the pandemic looming, several spirited franchise businesses set the groundwork for Florida-focused growth. CLICK ON THE HEADLINE FOR MORE
Tesla is under a long-term lease at the property. CLICK ON THE HEADLINE FOR MORE