A pair of Argentine brothers expanded their Broward County real estate portfolio with an $8.4 million purchase of a Pompano Beach office complex.
Entities managed by Claudio and Gonzalo Maggi bought the Atlantic Business Center at 2201-2283 Southwest Second Street in Pompano Beach, according to records. The sibling investors financed their purchase of the 29,739-square-foot plaza with a $5 million loan from Banesco USA. The Maggis paid about $284 per square foot.
Seller Atlantic Commercial Holdings, managed by Peter Hotchkiss and Kenneth Jackson of Sunrise, paid $2.5 million for the property in 2015, records show. Hotchkiss is a principal of Hotchkiss Enterprises, a Fort Lauderdale-based commercial real estate firm.
Scott O’Donnell and Greg Miller led a Cushman & Wakefield team that represented the seller in the latest deal. Alejandro Silbestein with Resma represented the Maggis.
Completed in 2005, the single-story complex was fully leased when the deal closed, according to a press release. Existing tenants include Pediatric Dentistry, Learning City Academy, AAA School of Dental Assisting, Happy Nails, Unique Interventional Radiology and Embelleze Beauty School.
Silbestein said that the Maggis liked Atlantic Business Center’s location, the amount of traffic near the property, the tenant mix and the condition of the building. He said the brothers started investing in Florida commercial real estate five years ago and that they also own properties in Orlando, Tampa, Bradenton, Clearwater and Jacksonville.
“They are very diversified,” Silbestein said. “They focus on office, retail and medical.”
In 2019, the brothers paid $10 million for an office and retail complex in Pembroke Pines called the Silver Lakes Professional Campus. That property’s tenants include Dunkin’, Los Tacos and Berkshire Hathaway HomeServices.
Other recent deals in Pompano Beach include Bridge Industrial’s $46.3 million acquisition of the Pompano Beach Commerce Park, and smoked fish company Acme reeled in a cold storage and food processing facility for $15.8 million.
A pair of significant residential projects are also in the pipeline in Pompano Beach. Developer Art Falcone is planning to build a seven-story, 285-unit apartment project with ground-floor retail space at 3151-3251 Federal Highway.
And Fortune International Group and Oak Capital, the firm led by former Lionheart Capital principal Ricardo Dunin, last month launched sales of The Ritz-Carlton Residences, Pompano Beach, a two-tower, 205-unit waterfront luxury condo development planned for 1380 South Ocean Boulevard.