Jack Abdo, Phil Procacci Form Joint Venture

BBX Capital Real Estate, a division of BBX Capital Corporation announced it has entered into a joint venture agreement with an affiliate of Procacci Development Corporation.
The joint venture has acquired three acres of real estate located at Bayview Drive and Sunrise Boulevard in Fort Lauderdale.  The property is currently improved with an approximate 84,000 square foot office building along with a 7-11 retail store and gas station.
“Located minutes from the Fort Lauderdale beaches and directly across from the Galleria Mall, we believe the site is very well-positioned and holds great potential,” commented Phil Procacci, Chief Executive Officer of Procacci Development Corporation.  “We are excited about the possibilities of this prime property and very pleased to join BBX Capital Real Estate in this joint venture.”
The new joint venture entity, Sunrise and Bayview Partners, LLC, acquired the above described property for approximately $8.0 million.  The property is a 50% – 50% joint venture between BBX Capital Real Estate and an affiliate of Procacci Development.
“The Galleria at Fort Lauderdale is one of Broward County’s most identifiable shopping locations and premier destination stops for sophisticated stores and fabulous restaurants.  We are very excited about the promise of this one of a kind prime location across from the Galleria, and are very pleased to partner with the Procacci team,” commented John E. “Jack” Abdo, Vice Chairman of BBX Capital Corporation.

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