search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanChetrits have a problem in PassaicChetrits have a problem in PassaicLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Popular
South Florida

New Jersey developer picks up another waterfront site in Palm Beach County

National Realty Investment Advisors paid $7M for a double-lot on Seaspray Avenue

1248 and 1240 Seaspray Avenue with Catherine McGlennon and David Ofstein (Credit: The Keyes Company, evusa.com)
1248 and 1240 Seaspray Avenue with Catherine McGlennon and David Ofstein (Credit: The Keyes Company, evusa.com)

UPDATED October 25th, 2:50 p.m.: Secaucus, New Jersey-based National Realty Investment Advisors just paid $7.05 million for another waterfront development site in Palm Beach County, property records show.

The Delray Beach 38,330-square-foot double-lot at 1248 and 1240 Seaspray Avenue sold for about $180 per square foot. NRIA also took out a $3.9 million mortgage from Miami-based real estate lender BridgeInvest, according to NRIA’s managing director and partner, Coley O’Brien.

Albert Rabil, co-founder and CEO of Los Angeles-based private equity firm, Kayne Anderson Real Estate Advisors, sold the property. His firm manages $24.5 billion worth in capital, according to its website.

Records show Rabil and his wife Tamara Lee paid $2.6 million for the home at 1248 Seaspray Avenue in July 2013 with plans to build a house. The couple bought the adjacent lot for $1.6 million later that year.

Sign Up for the undefined Newsletter

The development site hit the market in May for $9.5 million and sold at a 26 percent discount. Listing agent David Ofstein of the Keyes Company represented the sellers. Catherine A. Mcglennon of Engel & Voelkers Delray Beach represented the buyers.

NRIA, a real estate investment, management and development firm, bought two vacant waterfront lots in Gulf Stream for a total of $13 million last month.

The company could not immediately be reached for comment about its plans for the Delray Beach property.

Correction: A previous version of this story misrepresented the property’s city.

Tags
Home OwnershipPalm Beach