Bruce Berkowitz and billionaire W.R. Berkley buy Coconut Grove site

They paid $5.4M for six properties at bankruptcy auction

Miami /
Nov.November 09, 2017 02:15 PM

A company led by billionaire William Berkley and Bruce Berkowitz of Fairholme Holdings just picked up pieces of an assemblage in west Coconut Grove.

B and B Group Properties LLC paid $5.4 million for six lots totaling about an acre at a bankruptcy auction on Tuesday, according to attorneys Dan Gonzalez and Peter Russin, partners at Meland Russin and Budwick. They represented the seller, Nassau Development of Village West Corp. and Grand Abbaco Development of Village West Corp.

The court appointed Stearns Weaver attorney Drew M. Dillworth as trustee of the bankruptcy estate. Cori Lopez-Castro of Kozyak Tropin Throckmorton LLP represented the buyers.

Lopez-Castro said Berkley and Berkowitz have no immediate plans for the properties, which were part of a bigger, roughly 30-parcel assemblage in the West Grove. Berkowitz is an equity fund manager and Berkley is founder and chairman of the insurance giant W.R. Berkley Corporation.

The properties sold were: 3364, 3384, 3441 and 3461 Grand Avenue, and 3400 and 3412 Florida Avenue.

Other bidders included a partnership between David Martin’s Terra and Michael Comras, and Orlando Benitez Jr., one of the lenders who settled with the trust. BankUnited and Wilmington Trust were the lead lenders.

The trustee, Dillworth, tried to arrange a deal for the bigger assemblage before heading to auction with the six parcels, Russin said.

Terra offered to pay about $35 million for the bigger assemblage last year, but pulled out due to environmental concerns.

Records show the Nassau and Abbaco LLCs are controlled by Julio Marrero, Rosa Marrero, Phillip Muskat and Benitez. A bigger sale has been held up by infighting among the partners. Benitez, who reportedly stated that he brought Terra to the deal, tried to stop that sale last year. Marrero called him a “rogue stockholder,” the Miami Herald previously reported.


Related Articles

arrow_forward_ios
Christian Slater with 3618 Saint Gaudens Road (Getty Images, 1oak Studios)
Christian Slater sells Coconut Grove home after three-way bidding war
Christian Slater sells Coconut Grove home after three-way bidding war
Edition Residences unit 901 (Abraham Henandez)
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
arrow_forward_ios

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

Loading...