The son of Doral’s former mayor paid $5.6 million for a nearly 1-acre site in Davie leased to Regions Bank.
A company tied to Alexander Boria bought the 41,434-square-foot property at 5999 South University Drive for $135 per square foot, records show. The seller is Trapeza, which is managed by Theodoros and Sofia Karachalias, according to records. The sale is part of a 1031 exchange.
Trapeza bought the Davie property in 2007, according to records.
Regions Bank has an eight-year lease on the property and has not yet started construction on the bank branch. The property is a corner parcel with direct frontage on University Drive and Stirling Road. The site is near a Burger King and a Home Depot.
Tiktin Real Estate Investment Services’ Adam J. Tiktin and Alejandro Snyder represented the seller in the deal. It was an all-cash deal that closed in 88 days, Tiktin said.
A 1031 exchange allows an investor or developer to defer capital gains taxes by buying certain types of property.
Boria is the son of former Doral Mayor Luigi Boria. The Boria family owns real estate in South Florida. The Venezuelan family also owns TWC The Wise Computer, a firm that distributes electronics in Latin America.
In June, Regions Bank sold its office building at 2800 Ponce de Leon Blvd in Coral Gables for $60 million to TA Realty.
Davie is a town in western Broward County. In December, Boardwalk Properties paid $119 million for a 400-unit apartment complex in Davie, with plans to rename the multifamily property The Avenue.