The Real Deal Miami

Apotex pharmaceuticals sells planned US HQ in Miramar at a loss following founder’s mysterious death

Bridge Development Partners bought the property for $38M, less than the $50M Apotex paid in 2017
By Keith Larsen | February 27, 2019 01:45PM

15501 Southwest 29th Street

A year after Canadian billionaires Barry and Honey Sherman were strangled to death in their Toronto home, their former pharmaceutical company sold its planned U.S. headquarters in Miramar at a huge loss.

Apotex, the largest generic pharmaceutical company in Canada, sold the 304,428-square-foot facility for $38 million, much less than the $50 million it paid for the property in 2017. Bridge Development Partners was the buyer of the massive warehouse at 15501 Southwest 29th Street, from a subsidiary of Apotex.

Toronto-based Apotex, founded by Barry Sherman in 1974, acquired the property with plans to bring 150 high-paying jobs and $184 million investment to Miramar. The move was heralded by local economic development agencies and Broward County’s mayor as a major gain for the economy in an area that often struggles to attract high-profile companies.

The build-out of the warehouse was expected to be completed this year. But Apotex appears to have changed it plans amid the death of its founder and his wife and recent leadership changes.

In mid-December 2017, a real estate agent was shocked to discover the couple’s bodies laying near the inside of their indoor pool with belts fastened around their neck. The news quickly became one of the biggest stories in Canada.

Police originally suspected the deaths were a murder-suicide, but other theories have emerged. The case still remains unsolved, though police suspect it was a double homicide, according to published reports. No arrests have been made and no suspects have been announced.

The company has also had some leadership changes since the founder’s death. The Shermans’ son, Jonathon, reportedly told the company’s CEO Jack Kay to leave the company in December, the Toronto Star reported. A new CEO stepped into the role earlier this year.

Apotex’s spokesperson did not immediately respond to why the company sold the building. Apotex still has an office in nearby Weston.

Cushman & Wakefield’s Mike Davis, Chris Metzger and Rick Etner, Jr. represented the seller in the transaction. Jason Hochman and Chris Lentz of Cushman & Wakefield worked with Bridge Development to secure a $32.7 million loan from Heitman Capital Management.

The property will be renamed Bridge Point Miramar, and Bridge Development will spend about $6 million in renovations, according to a spokesperson for the company. It has already secured a lease from Kellstrom Defense Industries, which occupies about 25 percent of the building.

Bridge Point Miramar is located on a 20-acre lot within the Miramar Centre Business Park, a 1.1-million-square-foot corporate park that is home to Comcast, Stanley Black & Decker and Nestle Waters.