Dallas firm buys retail component of Jupiter mixed-use project

Retail tenants at Downtown Abacoa include Civil Society Brewing Co., Copacabana Cuban Cuisine, Costello's Trattoria, Freshii and Hokkaido Hibachi & Sushi
By Katherine Kallergis | August 07, 2019 01:45PM

Downtown Abacoa and Michael Nortman of FLF Holdings (Credit: Google Maps)

Downtown Abacoa and Michael Nortman of FLF Holdings (Credit: Google Maps)

The Tabani Group paid $18 million for the retail component of Downtown Abacoa in Jupiter.

FLF Holdings sold the 100,000 square feet of retail space on Town Center Drive and on Main Street to T Met Abacoa FL LLC and HTC Abacoa FL LLC, records show. The Tabani companies financed the deal with a $12.6 million mortgage from Citi.

Retail tenants at Downtown Abacoa include Civil Society Brewing Co., Copacabana Cuban Cuisine, Costello’s Trattoria, Freshii and Hokkaido Hibachi & Sushi.

In 2005, FLF, led by managing members Joshua Simon and Michael Nortman, acquired the space at what was then Abacoa Town Center from a financial institution and rebranded the property, bringing the retail component to over 90 percent leased, according to the firm’s website. Property records show Jupiter-based FLF paid $5.1 million for the commercial units.

JLL’s Danny Finkle, Eric Williams and Luis Castillo brokered the latest deal.

The retail is part of a master-planned development in Jupiter known as Abacoa, which is divided into more than a dozen neighborhoods with 6,000 residential units and up to 3 million square feet of commercial space. In 2016, Priderock Capital Partners paid $42 million for the newly built Dakota at Abacoa, a 190-unit apartment community at 3334 Bismark Lane.

In 2016, FLF Management, a partnership of FLF Holdings and Schaumburg, Illinois-based Crossroads Development Partners, paid $11 million for a 58.5-acre site just east of I-95 in Abacoa to build a business park.

Tabani Group, a Dallas-based commercial real estate firm, is led by Zaffar Tabani.

FLF Holdings is a real estate development and management company that focuses on value-add and income-producing properties, according to its website.