Private investors go on $80M SoFla spending spree

Purchases are commercial properties for long-term holds

May.May 11, 2015 12:45 PM

After selling off six buildings in Manhattan late last year, a private investor has spent the past few months picking up roughly $80 million worth of real estate in South Florida, The Real Deal has learned.

Arnold Wax, a local investor who lives on Williams Island, began his foray into South Florida’s real estate market last year when he purchased a medical office in Aventura for $19.3 million — coincidentally owned by his soon-to-be business partner Joshua Dubin, an Aventura-based lawyer and investor.

A few months later, Wax sealed an $80.75 million deal for six rental properties in New York City’s Upper West Side and turned his sights on South Florida. He is leading a group of investors, of which he is the principal member.

Dubin, who was Wax’s counsel on the South Florida deals, told TRD that Wax is re-investing his money in long-term purchases.

That translates to six commercial and residential purchases in South Florida — including the medical offices in Aventura — along with a CVS in North Florida and a pending deal on the state’s west coast. All were bought in the span of year for a grand total of $82.5 million

Their spree started slow: first came the $3.1 million purchase of a North Miami apartment complex in January.

Then things started picking up. Wax inked deals on a $21 million retail plaza in March, three office buildings totaling $36 million in May, and is working on sealing a $13 million deal on Florida’s west coast — all while in the middle of a 60-day cruise.

Out of the seven properties, two were led by Dubin: a $3.1 million apartment complex in North Miami, and a $6.3 million office building in Aventura. His company, Tanglewood, plans to redevelop the office building to either high-end self-storage or a medical building. For the North Miami apartments, he is planning a total renovation, though nothing is set in stone.

“It’s been fun and exciting,” Dubin said. “I hope to do a bunch of work with [Wax] in the future.”

Here’s a breakdown of what they purchased:

  • 44,415-square-foot office building at 4300 TBC Way in Palm Beach Gardens — $18 million
  • 110,683-square-foot office building at  9050 Pines Boulevard Boulevard in Pembroke Pines — $12.15 million
  • 84,309-square-foot  retail plaza at 2690 Southwest 22 Street in Miami — $21 million
  • 23,560-square-foot apartment complex at 1880 Northeast 123rd Street in North Miami — $3.1 million
  • 21,837-square-foot office building and an adjoining parking lot at 2785 Northeast 183 Street in Aventura — $6.3 million
  • CVS in Gainesville, Florida — $9 million
  • Pending deal on the west coast of Florida — $13 million
  • 41,000-square-foot medical offices at 2929 Aventura Boulevard in Aventura — $19.3 million

Grand total: $101 million since May 2014, including those in other parts of Florida.

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