BOYNTON BEACH, FL-Gemini Real Estate Advisors, a New York City-based tenant-in-common investment firm, has paid $10.9 million, or $253.49 per sf, for the L.A. Fitness outparcel at the Shoppes of Boynton. This represents a 24% gain within five months for the seller, a joint venture between Cypress Creek Capital Inc. and Boynton OP LLC.
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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