Real Estate

Kaufman Lynn Sells Delray Beach HQ For $13M

Kaufman’s Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)

Kaufman Lynn Construction sold its Palm Beach County headquarters for $10.3 million, but is staying put.

An entity managed by Kaufman President and CEO Michael Kaufman sold the 22,000-square-foot, single-tenant office building at 3185 South Congress Avenue in Delray Beach, records show. The buyer, J.J.D. Associates of Palm Beach, an entity tied to Westmount Management’s David Ezagui, paid $467 per square foot.

A Marcus & Millichap team led by Douglas Mandel and Tyler Kuhlman represented both buyer and seller, according to a press release. The Kaufman entity bought the 1.7-acre property for just under $475,000 in 2016 and completed the three-story building a year later, records show.

Kaufman Lynn signed a long-term lease and will remain in the building, Mandel said. Founded in 1989, Kaufman Lynn says it has 200 employees in Florida, Texas and North Carolina. The firm is partnering with Art Falcone’s Falcone Group to build a massive mixed-use project across 6 acres in Oakland Park featuring a woonerf — a Dutch-style “living street” designed to be shared by pedestrians and automobiles.

Elsewhere in South Florida, Kaufman Lynn managed the construction of Quadro, a 12-story condo tower in Edgewater by Alta Developers, and University Commons, an outdoor shopping center in Boca Raton, among dozens of other projects.

In April, J.J.D. sold The Market Place, a shopping plaza in unincorporated Palm Beach County, for $14.4 million to an affiliate of Barlington Group, the Miami-based real estate investment firm led by Bill Fuller and Martin Pinilla.

Delray Beach commercial deals are picking up steam. Last month, CDS International Holdings, a Boca Raton-based real estate investment firm led by billionaire Carl DeSantis, paid $25 million for an office building leased to Bank of America.

In February, Jacksonville-based Sleiman Enterprises dropped $48 million for Delray Square, a multi-building shopping plaza anchored by a Publix store. A month earlier, James and Marta Batmasians’ Investments Limited bought three retail and office buildings in Delray Beach for a combined $25 million.

Source link