Owner Flips Shoppes of Boynton Outparcel for 24% Gain

BOYNTON BEACH, FL-A Cypress Creek Capital JV that paid $8.8 million for the 43,000-sf L.A. Fitness outparcel this July sells it within five months to Gemini Real Estate Advisors for $10.9 million.

By Marita Thomas | December 21, 2005 at 09:27 AM

The 43,000-sf property is located on N. Congress Avenue. Fort Lauderdale-based Cypress Creek Capital and its partner acquired the outparcel for $8.8 million, or $204.65 per sf, on July 13 this year. The JV's net gain is $2.1 million.

Davie-based Ross Realty brokered this month's sales transaction. Adam Lustig, Marshall Pasternack and Sheila Bhandari of Miami-based Bilzin Sunberg represented Cypress Creek Capital, which is headed by Seth Werner, chairman and CEO. It is the real estate investment banking subsidiary of BFC Financial Corp., also based in Fort Lauderdale.

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