Silverman Group buys Flamingo Commerce Center near Riviera Beach

Property, with a mix of office and industrial space, sold nearly 100% leased

May.May 07, 2018 05:30 PM

7656 Byron Drive and Steven Denholtz (Credit: Denholtz Associates)

UPDATED May 8, 9:50 a.m.: The Silverman Group just paid about $7 million for the Flamingo Commerce Center near Riviera Beach, property records show.

The center at 7656 Byron Drive spans about 70,000 square feet and consists of two buildings with a mix of office and industrial space. The trade breaks down to about $100 per square foot.

Denholtz Riviera LLC, an affiliate of Denholtz Associates, is the seller. The company is a private real estate development, investment and management firm headquartered in Matawan, New Jersey. Records show Denholtz paid $5.2 million for the 4-acre property in 2015.

Flamingo Commerce Center, built in 1986, sold nearly 100 percent leased to tenants including the Florida Kickboxing Academy and artificial plant supplier Turf Kingdom.

Cushman & Wakefield’s Greg Miller, Dominic Montazemi, Scott O’Donnell and Miguel Alcivar brokered the deal. Michael Falk and Scott Weprin of commercial real estate firm Michael Falk & Company handled the leasing at the property.

In 2016, Denholtz Associates bought the Tampa Bay Times building in St. Petersburg for $19 million, with partner Convergent Capital.

That same year the Silverman Group bought a portfolio of properties in West Palm Beach, Riviera Beach, Mangonia Park and Lake Park for $50 million. The Short Hills, New Jersey-based company is a family-owned private equity and development firm focused on commercial and industrial real estate.

A representative from the Silverman Group was not immediately available to comment.

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