The Real Deal Miami

Investment firm pays $8M for repossessed Broward land

Listing says site can fit more than 100,000 square feet of commercial development

November 03, 2015 10:30AM
By Sean Stewart-Muniz

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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.

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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