Related wins auction for Boynton’s Promenade by $100; ISG tapped for marketing

Miami /
Dec.December 13, 2012 03:00 PM

A Related Group affiliate was the winning bidder in a foreclosure auction for the note on the Promenade in Boynton Beach this morning. The entity, PRH Palm Beach, won with a bid of $2.13M, just $100 higher than a bid by Florida Rental Specialists.

Related can now take title to the two-tower mixed-use space. It has tapped Related ISG to handle sales.

“We intend to rebrand the 395 residential and 20,000 square feet of commercial space and will begin our marketing program early next year,” said Related COO Matt Allen.

The move is part of a distressed real estate push Related said it began in 2010, one that has led to investment in $600 million in South Florida assets.

Related’s Arden Karson, who oversees the firm’s acquisitions, distressed debt and strategic operations, said in a statement that the deal showed the “renewed availability of bank financing and market confidence.”

The Promenade, which is located at 400 North Federal Highway, went into foreclosure in April, with a final judgment of $121 million entered last month, according to the South Florida Business Journal.

Donna Fullwood was Related’s representative at the auction.

“We think this will be a great residential development for international markets such as Canada and regions of Latin America,” said Craig Studnicky, Principal of ISG World. “Local buyers, especially empty nesters will also be attracted to this property.”


Related Articles

arrow_forward_ios
Dermot Company's Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
Dermot Co. pays $143M for Boynton Beach apartments
Dermot Co. pays $143M for Boynton Beach apartments
Elliott Mandelbaum with 7900 Venture Center Way in Boynton Beach and 600 Business Park Way in Royal Palm Beach (Linkedin, Google Maps)
Eagle Arc buys South Florida nursing facilities for $36M
Eagle Arc buys South Florida nursing facilities for $36M
Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)
Developers propose multifamily mixed-use project in Boynton Beach
Developers propose multifamily mixed-use project in Boynton Beach
Jeff Greene and 1601 North Congress Avenue (Google Maps)
Jeff Greene buys hotel in Boynton Beach for $19M
Jeff Greene buys hotel in Boynton Beach for $19M
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner
Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach
South Florida properties involved in $85M debt relief scheme head to auction
South Florida properties involved in $85M debt relief scheme head to auction
The health conscious grocer Earth Fare will close its stores
Earth Fare will close South Florida stores
Earth Fare will close South Florida stores
1210 Southwest 35th Avenue and Elion Partners Shlomo Khoudari
Elion Partners pays $26M for Boynton Beach warehouses
Elion Partners pays $26M for Boynton Beach warehouses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...