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

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

TRD 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
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)

Seritage sells Hialeah shopping center for $21M

Seritage sells Hialeah shopping center for $21M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

North Palm Beach mixed-use property hits the market for $45M

North Palm Beach mixed-use property hits the market for $45M
Raanan Katz and 10760 Northwest 17th Street in Sweetwater (Photos via RK Centers; Raanan Katz)

Miami Heat minority owner pays $20M for Sweetwater Best Buy

Miami Heat minority owner pays $20M for Sweetwater Best Buy
27359 South Dixie Highway and Longpoint Realty Managing and Founding Partner Dwight Angelini (Google Maps)

Longpoint buys Fresco Y Mas-anchored center in Naranja

Longpoint buys Fresco Y Mas-anchored center in Naranja
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
arrow_forward_ios

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

Loading...