James Batmasian, one of the largest private real estate investors in Boca Raton, added to his portfolio by buying the Synovus Bank building.
A partnership that includes Chaim Cahane’s Forte Capital Management sold the building at 140 North Federal Highway, according to records. The other sellers are two entities, one led by Zipporah Goldstein and another led by Richard Kaplin, both of Brooklyn.
Batmasian, whose real estate firm Investments Limited is headquartered across the street from the bank, paid $6.1 million for the property.
Records show the trio of sellers paid $4.6 million for the building in 2013.
The deal is in line with Batmasian’s long-held strategy of growing his portfolio through small deals. The investor and his wife, Marta Batmasian, founded Investments Limited shortly after moving to Boca Raton in 1983, and expanded the firm through consistent purchases of small and mid-sized commercial buildings.
Investments Limited’s portfolio spans over 4 million square feet and 4,000 apartments, mostly in Palm Beach County, as well as in Boston.
Last year, Batmasian paid $17 million for a Walmart-anchored retail plaza at 1101-1149 South Military Trail in Deerfield Beach, and $15.5 million for three industrial properties in Riviera Beach, Mangonia Park and Lake Park.
In downtown Delray Beach, the Batmasians last year scooped up the retail and office building at 411 East Atlantic Avenue for $18.5 million.
The most recent Boca Raton purchase comes as South Florida’s investment sales activity has come to a near halt because of expensive borrowing costs and lenders becoming more conservative. Records show Batmasian didn’t take out financing for the Synovus Bank building.
During the investment sales frenzy of 2021 and 2022, Boca Raton scored several commercial real estate trades.
In October, Renaissance Properties New York paid $51 million for the office property at
1515 South Federal Highway, with plans to renovate the building and brand it as 1515Boca, according to its news release.
Last summer, Pebb Enterprises and Contrarian Capital Management bought the Meridian Office Center at 6551 and 6601 Park of Commerce Boulevard in Boca Raton for $29.8 million.
Read more
