Fund buys Boynton retail center for $47.3M

DRA Fund IX LLC submitted the winning bid for the Publix-anchored property on May 3

Miami /
Jun.June 03, 2017 12:20 PM

A real estate investment fund closed its $47.3 million acquisition of a Publix-anchored shopping center in Boynton Beach after submitting the winning bid for the property at a bankruptcy auction.

DRA Fund IX LLC bid $254 per square foot on May 3 for the 186,000-square-foot Fountains of Boynton shopping center at the intersection of Jog Road and Boynton Beach Boulevard.

Developer John B. Kennelly built the Boynton Beach shopping center in 1994.  A company linked to Kennelly filed for Chapter 11 bankruptcy last year after defaulting on a mortgage loan with a $50 million balance.

Another company linked to Kennelly sold eight South Florida properties in December to repay creditors in a bankruptcy case. The eight properties in Palm Beach County and Broward County included a waterfront parcel on Hillsboro Mile in Hillsboro Beach measuring 11 acres, plus two adjacent lots.

Bradley Shraiberg, an attorney for the debtor, told the Sun-Sentinel that DRA, the new owner of Fountains of Boynton, has a reputation for investing in major upgrades to its properties to position them for future sales.

Shraiberg told the newspaper that Fountains of Boynton has “huge upside” potential as a real estate investment. [Sun-Sentinel]Mike Seemuth


Related Articles

arrow_forward_ios
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
The Shoppes of Oakland Forest (Rich Commercial Group)
Shopping center in Oakland Park sells for $11M
Shopping center in Oakland Park sells for $11M
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
Arnaldo Bomnin and 8525 South Dixie Highway (Google Maps)
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
arrow_forward_ios

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

Loading...