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Ronny Finvarb buys Deerfield Beach mixed-use property for $9M
Building last traded for $5M in 2012
UPDATED, July 13, 9:40 a.m.: Real estate investor Ronny Finvarb bought another property in Deerfield Beach.
Finvarb, through his Sandcastle 1 affiliate, bought the office-retail building with restaurants at 233-249 Northeast 21st Avenue for $9.3 million, he said.
The seller is Atlantic Pavilion, managed by James Nizzo and Ellen Spiros, according to corporate records.
The three-story, 51,662-square-foot property was built in the late 1980s on 0.8 acres, property records show. It last traded for $4.7 million in 2012.
Tenants include Tropical Grill Island Cuisine, Umberto’s Pizza and Kahuna Bar & Grill.
The building is across the street from another Finvarb property, JB’s on the Beach oceanfront restaurant, and adjacent to a nearly one-acre parking lot. In March, Sandcastle 1, led by Finvarb, with Ark Restaurants as minority member, bought the restaurant at 300 Northeast 21st Avenue and parking lot for $11 million.
Finvarb’s affiliate borrowed a $14.2 million from Apollo Bank for the purchase of the restaurant, parking lot and office-retail building.
Finvarb, who is based in Miami, sold a 108-unit apartment complex in Miami Beach’s Normandy Isle for $24.5 million in May.
In other recent Deerfield Beach deals, married couple James and Marta Batmasian’s investment firm bought a 212-unit apartment complex for $46 million in June.