Miami Worldcenter co-developer buys waterfront lot in Manalapan

Company tied to Wexford Capital sold the property for $145 psf

December 15, 2017 02:15 PM

1020 South Ocean Boulevard and William C. Powers (Credit: Palm Beach County and LinkedIn)

An affiliate of the Boca Raton hedge fund Strand Partners just paid $13.5 million for a piece of waterfront land in Manalapan, property records show.

Boca Isle Holdings LLC, led by Strand Partners hedge fund manager William Powers, acquired the 2.13-acre lot at 1020 South Ocean Boulevard from 1020 South Ocean Blvd LLC, which is tied to Wexford Capital. Powers, a co-developer of Miami Worldcenter, paid about $145 per square foot for the oceanfront lot.

Records show the Wexford affiliate paid $11.2 million for the property in 2014. The site is zoned for a single-family home.

Both hedge funds are active in South Florida. Last year, Wexford, an investment adviser, partnered with 13th Floor Investments and Avra Jain to sell a building near the Miami Design District for $13.4 million.

Strand Partners works with Art Falcone’s Encore Capital Management, which is co-developing the $1.2 billion mixed-use Miami Worldcenter project.

In March, a vacant oceanfront lot at 1460 South Ocean Boulevard sold for $12.45 million, or about $210 per square foot, to a company managed by Nigerian business exec Onajite Okoloko.

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