Homebuilder acquires one of Palm Beach’s last parcels

Miami /
Sep.September 24, 2013 11:00 AM

Coconut Creek-based homebuilder Minto paid $51 million for an expansive citrus grove in unincorporated Palm Beach County.

Minto SPW LLC acquired 18 parcels totaling about 3,724 acres from Loxahatchee-based Callery-Judge Grove LP. The company paid a little under $13,700 per acre, or a scant 32 cents per square foot, for land that has been citrus groves for nearly 50 years, according to the Daily Business Review.

“Homebuilders are active in tying down significant parcels to ensure their future pipeline,” Don Ginsburg, president of Fort Lauderdale-based Realty Masters LLC, told the Review.

Minto, which has built and managed homes in Ottawa, Toronto and South Florida, according to its website, and three affiliates secured a $25.5 million mortgage from the Prudential Insurance Co. of America for the 4000 Seminole Pratt Whitney Road acquisition, the newspaper said.

Previous attempts to develop the site into a master-planned, mixed-use community failed, but the state has since loosened growth-management controls. [Daily Business Review]Emily Schmall


Related Articles

arrow_forward_ios
Windstar Cruises president Chris Prelog with Doral Concourse (MG3 Group, Windstar)
Lease roundup: Cruise line moving HQ to Doral, tech firm inks Wynwood lease
Lease roundup: Cruise line moving HQ to Doral, tech firm inks Wynwood lease
Attorney sells oceanfront Delray Beach mansion for $34M
Attorney sells oceanfront Delray Beach mansion for $34M
Attorney sells oceanfront Delray Beach mansion for $34M
TA Realty sells Palm Beach Gardens office building for $17M
TA Realty sells Palm Beach Gardens office building for $17M
TA Realty sells Palm Beach Gardens office building for $17M
JB Capital co-principals Jessica Giguere and Ben Karp with the retail center (Atlantic Retail, JB Capital)
JB Capital and partner pay $26M for Fresh Market-anchored Jupiter retail center
JB Capital and partner pay $26M for Fresh Market-anchored Jupiter retail center
Boston Bruins co-owner buys Wellington equestrian estate for $11M
Boston Bruins co-owner buys Wellington equestrian estate for $11M
Boston Bruins co-owner buys Wellington equestrian estate for $11M
AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
South Florida’s industrial market continues pandemic momentum in Q3
South Florida’s industrial market continues pandemic momentum in Q3
South Florida’s industrial market continues pandemic momentum in Q3
Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
arrow_forward_ios

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

Loading...