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South Florida

Investment firm pays $8M for repossessed Broward land

The vacant land at 7207 North State Road 7 in Parkland
The vacant land at 7207 North State Road 7 in Parkland

An Aventura-based investment firm just paid $8.5 million for a chunk of vacant land in Parkland, a small city in northwestern Broward County.

Elion Partners, which is also working on a condo project called the Bristol in West Palm Beach, purchased three vacant lots at the corner of Loxahatchee Road and North State Road 7, according to Broward County property records.

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The sale covers roughly 11.2 acres of land that were seized by the Banif Finance Corp. in 2012 following a $20.3 million foreclosure judgment. The owners at that time were companies linked to Noel Epelboim of the Epelboim Development Group and Ignacio Martinez.

A Loopnet listing for the property says more than 100,000 square feet of commercial space can be built there, and it’s some of the last remaining vacant land with the B-2 commercial zoning still available in Parkland.

Elion Partners took out a $4.25 million loan from Banif, the seller, as part of its purchase. The sale works out to $17.4 per square foot.

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