BBX buys into Centra Falls in Pembroke Pines

The real estate division of Fort Lauderdale-based BBX Capital Corp. said it made a “minority investment” in Centra Falls, a townhome community development in Pembroke Pines, which Label & Co. is developing.

A grand opening of Centra Falls, a cluster of 89 townhomes and a clubhouse, fitness center, park and pool, is expected by year-end. Located on the west side of Flamingo Road between Sheridan Street and Taft Street, a west-central location in Broward County close to restaurants, retail stores, schools and major highways.

Unit prices at Centra Falls range from the mid $300,000s to the mid $400,000s. Label & Co. designed five different floor plans with 10-foot ceilings, impact-resistant windows and doors, and a two-car garage.

The Label & Co. development is within walking distance of a Fresh Market grocery store, a Starbucks coffee shop, and an LA Fitness location, among other retailers.

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The Label & CO. executive team has built more than 20,000 South Florida residences in condo and rental communities, according to the company’s website.

“We are pleased to be investing with LABEL & CO. on this project as we continue to build our investment portfolio focusing on high quality assets and locations,” Seth Wise, president of BBX Capital Real Estate, said in a prepared statement.

“Pembroke Pines is a growing community,” he said. “Homes here are highly desirable because of their location to excellent schools, employment centers, parks, golf courses, shopping and entertainment.”

Publicly held BBX Capital owns real estate and other assets previously held by its corporate predecessor, the old BankAtlantic, which stopped doing business as a Fort Lauderdale-based bank after selling its branch network to regional bank BB&T in 2012. — Mike Seemuth