The Real Deal Miami

Developer James Batmasian buys Boca Raton shopping center

Seller is a group of private investors with Panamanian ties
By Amanda Rabines | November 02, 2018 10:30AM

HFF’s Luis Castillo and Eric Williams with Winfield Plaza (Credit: Ten-X, HFF, and CREXi)

Developer James Batmasian just bought a retail strip center in Boca Raton for $13.1 million.

The 30,683-square-foot Winfield Plaza at 515 Northeast 20th Street traded hands for $427 per square foot. The land spans more than 2.8 acres.

The seller is Taormina Investments S.A., which is led by Giovanni Cannavo, Juan Alvarez and the Panamanian law firm Galindo, Arias & López. Records show the company spent more than $1.2 million acquiring the property between 1978 and 1985.

Holliday Fenoglio Fowler’s Eric Williams, Manny de Zárraga, Danny Finkle and Luis Castillo represented the seller.

Winfield Plaza consists of a 24,000-square-foot strip center and three outparcels. It was 93 percent occupied when sold, Williams said. Tenants include Osha Thai Restaurant, Sweet Deals Chocolates, Subway and Señor Burrito.

Williams said most properties in east Boca have been owned by the same landlords for decades, which translates into prime opportunities when they hit the market.

James Batmasian and his wife Marta are the largest commercial property owners in downtown Boca Raton and are currently tied to the suspension of Boca Raton Mayor Susan Haynie for her relationship with the developers and her family’s real estate holdings.