Silverman Group buys Flamingo Commerce Center near Riviera Beach

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

Miami /
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.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...