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
American Landmark CEO Joe Lubeck and the High Ridge Landing apartment complex at 3609 High Ridge Way in Boynton Beach (American Landmark, Google Maps)
American Landmark sells Boynton Beach apartments for $71M
American Landmark sells Boynton Beach apartments for $71M
Pebb Enterprises' Ian Weiner and Banyan Development's Jason Sher with aerial view of 9850 Jog Road (Pebb Enterprises, LinkedIn)
Carlyle pays $33M for Boynton Beach shopping center
Carlyle pays $33M for Boynton Beach shopping center
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
1665 Alton Road, Retail
After $39M sale, Robert Shor picks up another South Beach retail property
After $39M sale, Robert Shor picks up another South Beach retail property
Château Group’s Manuel Grosskopf and Pacific Star Capital's Aria Mehrabi with 600 East Hallandale Beach Boulevard (Château Group, Farhang Foundation, Google Maps)
Château sells Hallandale retail plaza it planned to redevelop
Château sells Hallandale retail plaza it planned to redevelop
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
arrow_forward_ios

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

Loading...