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South Florida

Elion Partners pays $9M for Weston Business Plaza

Aventura-based firm is also partnering on mixed-use project anchored by Trader Joe's in South Beach

1800-1880 North Commerce Parkway (Credit: Google)
1800-1880 North Commerce Parkway (Credit: Google)

UPDATED March 27, 10:30 a.m.: An entity tied to Aventura-based Elion Partners just paid $9 million for an industrial complex in Weston, property records show.

The Weston Business Plaza at 11800-1880 North Commerce Parkway spans about 66,480 square feet, meaning the trade breaks down to about $135 per square foot.

The sellers are Weston Business Plaza and Weston Business Plaza Partnership, two entities tied to Iowa-based Principal Global Investors, a publicly traded institutional asset manager. Records show Weston Business Plaza last traded for $6.6 million in 2004.

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The property is nearly completely leased to cosmetic and biotechnology centers, Just CrossFit, a landscape company and a law firm.

Elion Partners financed the deal with a nearly $6 million loan from Israel Discount Bank of New York. The firm is known for renovating and developing shopping centers and mixed-use projects, like Pennock Square in Jupiter, formerly known as the Jupiter Reserve shopping center.

Elion Partners is also partnering with Rock Soffer of Turnberry Associates and members of the Sredni family to bring a Trader Joe’s to South Beach, as part of a larger 36-unit mixed-use project under construction on Alton Road.

Tags
Commercial Real EstateElion PartnersWeston