Vacant land in Delray sells for $9M to Colombian investors

Miami /
Apr.April 22, 2015 09:45 AM

A single-acre lot in Delray Beach was picked up for $9 million — nearly nine times its last sale price — to a group of Colombian investors.

The development site, at 101 Southeast First Avenue, was sold by members of a Boca Raton-based law firm named Saxena White.

Maya Saxena and Joseph White, who head the firm, first purchased the property under a company titled SW Delray One for $1.1 million in 2011, according to Palm Beach County records. 

The two have now sold the property — for a hefty profit — to Sofa I, which was formed last month. Manuel Vergara is listed as a manager on the buyer’s corporate records. His son, Felipe Vergara, told the South Florida Business Journal that his family has decades of development experience in Colombia and have lived in Boca Raton for the past 12 years.

The lot was approved last year for 76 lofts and 2,250-square-feet of retail space, the publication reported. It is surrounded by a residential neighborhood, though its immediate neighbors are a low-rise condo complex and an office building, property records show.

Vergara told the publication that his family has brought on a handful of Colombian and domestic investors for the project. They are still deciding on branding and pricing.


Related Articles

arrow_forward_ios
Gatsby Enterprises'  Babak Ebrahimzadeh with 25 and 45 Northeast Second Avenue, as well as at 220 Northeast First Street (Loopnet, LinkedIn)
All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M
All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M
River Oaks founder and Chairman Gerald Rubin and Shop Delray at 8918 Atlantic Avenue in Delray Beach (River Oaks Properties El Paso)
River Oaks picks up Delray Beach shopping center for $26M
River Oaks picks up Delray Beach shopping center for $26M
Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
NRIA CEO Rey Grabato and U.S. Construction John Farina with 1901 South Ocean Boulevard (LinkedIn)
Developers complete Ocean Delray condo project with estimated $126M sellout
Developers complete Ocean Delray condo project with estimated $126M sellout
From left: Joseph, Toney and Eli Sleiman of Sleiman Enterprises; Graeme (Greg) Keith Jr. and Graeme Keith Sr. of The Keith Corporation (LoopNet, Sleiman Enterprises, The Keith Corporation)
Publix-anchored Delray Square sells for $48M
Publix-anchored Delray Square sells for $48M
Investments Limited’s President James Batmasian & wife Marta Batmasian; Thor Equities Group’s founder & CEO Joseph Sitt (Thor Equities Group, Investments Limited, Google Maps)
James Batmasian doubles down on downtown Delray Beach with $7M purchase
James Batmasian doubles down on downtown Delray Beach with $7M purchase
James and Marta Batmasian, Investment Limited (LoopNet, Investment Limited)
James Batmasian pays $19M for downtown Delray Beach retail, offices
James Batmasian pays $19M for downtown Delray Beach retail, offices
arrow_forward_ios

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

Loading...