BOYNTON BEACH, FL-After its formation of a venture to acquire $400 million in commercial real estate throughout Florida, locally based Cypress Creek Capital Inc. has paid $30.7 million, or about $171.63 per sf, for the 178,8787-sf Shoppes of Boynton. This joins the investment banking firm's earlier purchase of Coral Palm Plaza in Coral Springs.
Shoppes of Boynton is located at 2212 N. Congress Ave. and it was built in 1990. The seller is a limited partnerships controlled by Davie-based Ross/Matz Investments. Occupancy is 95%, according to Seth Werner, Cypress Creek's chairman and CEO. Both the buyer and the seller were represented in house.
Cypress Creek Capital is a subsidiary of BFC Financial Corp., a locally based holding company that invests in and acquires mid-market businesses in various industries. Among the companies in which it has interests are BankAtlantic Bancorp, Levitt Corp. and Levitt's interest in Bluegreen Corp.
In seeking real estate acquisitions for its own portfolio, Werner says Cypress Creek has "an aggressive long-term program to acquire shopping centers, office buildings and industrial properties in major growth areas throughout Florida." He acknowledges the Florida market "is very hot, and we will be very careful. We're a long-term holder and are looking for properties that we can add value to over about five years."
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