Randall Realty pays $15M for Palm Beach office-retail building

Randall Realty Group bought a Palm Beach office and retail building, with plans to open its East Coast headquarters at the property.

The Los Angeles-based firm purchased the two-story building at 2875 South Ocean Boulevard for $15 million from The Silverman Group, according to the buyer’s news release.

Cushman & Wakefield’s Scott O’Donnell and Mike Ciadella handled the off-market deal.

Built in 1982 in Mediterranean style, the 30,600-square-foot building is roughly 87 percent leased, the release says. Anchor tenants are co-working space provider Symphony Workspaces and Palm Beach restaurant Acqua Café.

The Silverman Group, based in Basking Ridge, N.J., had paid $9.5 million for the building in 2013, records show. The firm is a real estate investor, developer and manager founded by Kenneth Silverman.

Randall Realty plans capital improvements and to lease out the vacant space, possibly to a bank, said Jordan Randall, a company co-founder.

Randall Realty’s planned Palm Beach headquarters reflects out-of-state companies’ continued expansion to South Florida and executives’ move to the area.

Jordan Randall moved to South Florida in 2021, he said. That year, he scooped up a four-bedroom home in Manalapan for $4 million, according to records.

His father, Jim Randall, the other co-founder of the firm, earned much of his wealth with the 2014 sale of his aerospace rivet manufacturing company, Allfast Fastening Systems, for $360 million. He has purchased a pair of waterfront West Palm Beach houses, paying $16 million for the home at 3240 North Flagler Drive in October, and $7.5 million for the next-door home at 3304 North Flagler Drive in 2021.

At the time of the purchase of the 3240 North Flagler Drive house, the plan was to repair it and list it for rent.

Randall Realty’s bet on South Florida started roughly two years ago. Members of the family are investment partners on several of Todd Michael Glaser’s home purchases and potential redevelopments. In 2021, members of the Randall family, Glaser and other partners paid $85 million for the 2.3-acre Tarpon Island in Palm Beach. The Randalls, Glaser and other investors scooped up 37 Indian Creek Island Road in Indian Creek for $23.8 million in 2021, and 854 South County Road in Palm Beach for $53 million in February of last year.

“We have plans to expand throughout South Florida and are very bullish on all these markets, especially Palm Beach and West Palm,” said Jordan Randall.

Randall Realty is an investor and developer across real estate types. Its portfolio spans California, Montana, Nevada, New Mexico, Oklahoma, Texas and Utah, Jordan Randall said.

Jim and Jordan Randall started the firm in 2015 and run it with Benjamin Randall, who is director of operations and Jordan’s brother.

The Gebbia family also has made a hard push into South Florida, moving their Siebert Financial and Rise Financial’s headquarters to South Beach and scooping up homes throughout the region. In April, Richard Gebbia, whose ex-sister-in-law was on “The Real Housewives of Beverly Hills,” bought a non-waterfront house at 112 West Palm Midway on Miami Beach’s Hibiscus Island for $6.4 million.

Perhaps the most significant bet on South Florida came from billionaire hedge funder Ken Griffin. He plans to move his Citadel and Citadel Securities’ headquarters to Brickell, likely in a high-rise expected to be developed on a waterfront lot Griffin bought for a record $363 million.

Last year, Griffin also set a record for Miami-Dade County home sales with his $106.9 million purchase of Adrienne Arsht’s waterfront Miami estate.

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