Coral Gables firm nabs Palm Beach Gardens shopping center

The 106k sf plaza traded for about $236 psf

Sep.September 27, 2017 05:20 PM

7100 and 7026 Fairway Drive, Inset: Fondo Atlas’ Dylan Fonseca

A Coral Gables-based company just dropped $25 million for a shopping center in Palm Beach Gardens, property records show.

The 106,032-square-foot plaza at 7100 and 7026 Fairway Drive traded for about $236 per square foot. Records show the buyer is Gardens Plaza Venture LLC, tied to Fondo Atlas, which is led by Jose Torbay and Dylan Fonseca. Fondo Atlas is an owner and operator of real estate in Florida and South America focused in retail and residential properties, according to its website. The buyer financed the deal with $17 million loan from Miami Lakes-based BankUnited.

The seller is Laf Gardens, LLC, an entity tied to Glastonbury, Connecticut-based Barings, a global investment management firm. Records show Laf Gardens purchased the shopping center in 2013 for $22.25 million.

The 14-acre shopping center, built in 2013, is anchored by an L.A. Fitness. Tenants include a mix of restaurants and professional services.

In 2015, Fondo Atlas paid $15.3 million for a shopping center in Weston and $27.4 million for a shopping center in Coral Springs.

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