Ocean Walk Retail Plaza on Singer Island Sold to Joint Venture
In another tag-team purchase, Related Group and BH Group paid $19.2 million for a beachfront retail plaza’s ground lease in Singer Island.
An affiliate of Coconut Grove Related, Aventura-based BH and a third partner, Boca Raton-based Pebb Enterprises, is taking over control of the fully occupied Ocean Walk at 2401 North Ocean Avenue, according to a press release. This month, the Riviera Beach city council authorized the ground lease transfer for the 10.5-acre city-owned site.
The deal breaks down to $291 per square foot.
A JLL Team led by Danny Finkle and Jorge Portela represented the seller, Boca Raton-based Pebb Capital. In 2017, Pebb Capital acquired the lease for $7.5 million, records show.
Under its ownership, Pebb made capital improvements and repositioned Ocean Walk, driving occupancy from 53 percent to 100 percent, the release states. The 65,908-square-foot retail and restaurant complex’s tenant roster includes 7-Eleven, Mulligan’s Beach House, Wings Beachwear and Johnny Longboats.
Related, led by chairman Jorge Pérez and his sons Jon Paul and Nick, has teamed up with BH, led by Liat and Issac Toledano, on several real estate deals and projects, including another development on city-owned land in Riviera Beach. In June, the joint venture won a 99-year-ground lease to develop a pair of 20-story buildings with 424 apartments and 8,000 square feet of retail in Marina Village. West Palm Beach-based Tezral Partners is also a co-developer of the proposed project.
In Hollywood, Related and BH are co-developing a 37-story condominium with 350 units and a 500-room hotel on land adjacent to the Diplomat Beach Resort. Last month, the partners paid $30 million for the development site where the condominium is planned.
Related and BH are also planning a mixed-use project with 481 apartments, 17,000 square feet of retail and 993 parking spaces in Plantation. In July, the joint venture submitted a site plan for Plantation City Center on the site of a former AT&T office building. Related and BH paid $13 million for the nearly 14-acre property.
BH has also partnered with the Ian Weiner-led Pebb Enterprises. In April, BH and Pebb Enterprises paid $104 million for teh Office Depot campus in Boca Raton.
