James and Marta Batmasians’ Investments Limited bought a retail and office building in downtown Delray Beach for $18.5 million.
Investments Limited scooped up the fully leased property at 411 East Atlantic Avenue from Babak Ebrahimzadeh, owner of Master Mind, according to Joseph Scarfone of One Investment Group, who represented the seller in the deal.
Built in 1926, the two-story building is home to The Wine Room Kitchen & Bar, Love Shack clothing store and Royal Bee medical spa, on the ground floor, Scarfone said. A watch sales and repair firm and a photography studio occupy offices on the second floor.
Handelsman, a longtime commercial landlord in Palm Beach, sold several of his retail and office buildings along and near Worth Avenue last year for $58 million.
Ebrahimzadeh’s Master Mind, which also has ventures in New York and California, paid $80 million, in partnership with Nader Shalom’s Gatsby Enterprises, for the pair of DiVosta Towers in Palm Beach Gardens in 2020.
The latest purchase marks an expansion into downtown Delray Beach for Investments Limited, as its holdings largely are in Boca Raton where the firm ranks as one of the biggest property owners.
The married Batmasians started buying real estate shortly after moving to Boca Raton in 1983, according to Investments Limited’s website. The firm has offices in Boca Raton and Cambridge, Massachusetts.
In some of its other ventures outside Boca, Investments Limited paid $46 million for a Deerfield Beach apartment complex in 2021.
The eastern portion of Delray Beach’s Atlantic Avenue is a popular tourist and entertainment destination. In 2021, the Cook family sold the building at 325 East Atlantic Avenue for $11.5 million to an entity managed by Steven Cohen, who at the time of the deal planned to renovate the retail property and lease it to new tenants.