Midtown Miami developer buys shuttered Toys “R” Us in Boynton Beach

Store marks Jon Samuels' second “Toys “R” Us purchase in South Florida

Miami /
Apr.April 26, 2019 10:30 AM
Toys “R” Us at 601 North Congress Avenue in Boynton Beach

Toys “R” Us at 601 North Congress Avenue in Boynton Beach 

Investor Jon Samuel bought his second shuttered Toys “R” Us store, as the bankrupt retailer’s former South Florida properties continue to sell off.

Trikon Boynton Beach LLC, led by Midtown Miami developer Samuel, bought the 37,000-square-foot building at 601 North Congress Avenue in Boynton Beach for $7 million, records show. The seller is Raider Hill Advisors, a New York-based retail real estate investment and advisory firm that was retained last year as exclusive real estate adviser to the bankruptcy estate.

Samuel said he plans to redevelop the property.

In January, he bought the former Toys “R” Us store in Cutler Bay, also for $7 million.

In South Florida, former Toys “R” Us stores that have sold in recent months include Benderson Development’s purchase of a location in Plantation for $7.8 million in December, where the company is planning a PGA Tour Superstore. The same month, Benderson also bought a “Toys “R” Us in Doral for $8.5 million and a store in Palm Beach Gardens for $6.5 million.

In August, Chevy dealer Arnaldo Bomnin paid $25 million for a Toys “R” Us property at 8325 South Dixie Highway in Miami, near Dadeland Mall.

Toys “R” Us announced in July that it brought on Raider Hill Advisors to help sell off 284 stores, distribution centers and other properties across the country, after filing for Chapter 11 bankruptcy in September 2017. At the time, it had $5 billion in long-term debt and $400 million due in 2018. Toys “R” Us owned about a third of its 735 locations.

Toys R Us Property Company I, LLC said in March that it emerged from bankruptcy as a reorganized entity under the name Hill Street Properties. Investors in Hill Street include Empyrean Capital Partners, LP and Glendon Capital Management L.P.


Related Articles

arrow_forward_ios
The Shoppes of Oakland Forest (Rich Commercial Group)
Shopping center in Oakland Park sells for $11M
Shopping center in Oakland Park sells for $11M
Dermot Company's Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
Dermot Co. pays $143M for Boynton Beach apartments
Dermot Co. pays $143M for Boynton Beach apartments
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
Arnaldo Bomnin and 8525 South Dixie Highway (Google Maps)
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
arrow_forward_ios

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

Loading...