Supermarket magnate buys Palm Beach condo for $11M
Seller bought two units last year, including this one for $9.5M
The vice chairman of a supermarket company paid $10.8 million for a unit at Via Flagler by the Breakers in Palm Beach.
The Nordlingen Trust and the Redmond Trust, both linked to Read S. MacGregor Jr., bought unit 3 from TAU-MID Partnership LLP and Eye-Man LP, both controlled by Stephen F. Sullivan, according to records. Martim De Arantes-Oliveira is named as a special trustee of the latter two trusts.
MacGregor is the nonexecutive vice chairman of Grocery Outlet, an Emeryville, California-based discount supermarket chain that issued an initial public offering last year. It has 350 stores in California, Washington, Oregon, Pennsylvania, Idaho and Nevada, according to its website. MacGregor’s grandfather, Jim Read, founded the company in 1946.
Records show Sullivan, a Massachusetts ophthalmologist, bought the condo for $9.5 million, last year, along with another unit for $10.5 million.
In the latest sale, Premier Estate Properties listed the unit, while Sotheby’s International Realty represented the buyer. The recently built condo was listed in July for $12.95 million.
The 5,475-square-foot unit has four bedrooms, five-and-a-half bathrooms and a one-bedroom guest residence.
Via Flagler by The Breakers is a mixed-use development in Palm Beach. Last year, The Breakers paid the Frisbie Group $20 million for a portion of the development. The Frisbie Group still holds control of six condos on the second floor.
In May, Cody and Kristin Crowell bought unit 5 at Via Flagler for $7 million. Cody Crowell is the managing director of construction and asset management at Frisbie Group.