LAKE WORTH, FL - Reese Stigliano, SIOR, Senior Vice President of Brenner Real Estate Group, a full service commercial real estate firm based in Fort Lauderdale, FL, has recently closed an 18-acre land sale in Palm Beach County.
Approved for 169 townhouses, the parcel of land located at 4411 South Congress Avenue, Lake Worthwas sold on September 18th for $2,070,000. Mr. Stigliano represented the Buyer, Morguard Coral Lakes LLC, which is managed by Morguard Management Company Inc. of Kenner, Louisiana. Morguard Management is a division of publicly traded Canadian investor Morguard (TSX:MRG) which owns and manages more than 54 million square feet of commercial real estate and more than 12,600 residential units throughout Canada and the United States. The seller, who represented itself, was FCB Palm Beach Holdings LLC, an affiliate of Florida Community Bank which foreclosed and obtained title to the property on May 23, 2012.
The site is located west of Palm Beach State College and just north of the JFK Medical Center. A development referred to as Coral Lakes Apartments was approved in 2007 for 169 multifamily residential
townhouses on the 18 acres.
According to Stigliano, who recently joined Scott Brenner’s company, Brenner Real Estate Group, “Scott had a relationship with Florida Community Bank through the bank’s counsel and I had a relationship with Morguard’s chairman Rai Sahi. Coincidentally, Morguard owns Emerald Lakes, the 300 unit apartment
complex that backs up to the bank’s vacant parcel of land.” “As I was conducting a site visit, I realized the proximity of Morguard’s apartments to the land and immediately called Mr. Sahi,” said Stigliano. The apartments, which Morguard purchased in July 2008, were experiencing some problems with vagrants, litter and vandalism from the homeless that were living on the vacant land. “As soon as I mentioned to Morguard that the land was available for sale, they immediately submitted a Letter of Intent. Morguard saw this purchase as a way to secure their property, enhance security and in time, provide an opportunity to expand the apartment complex.”
Stigliano said, “The transaction came together very quickly and closed 30 days after the contract was signed.”
According to Stigliano, Morguard has recently been actively pursuing multi-family acquisitions in South
Florida. In addition to the 18-acre land purchase, Morguard purchased the 408-unit Woodbine Apartments in Riviera Beach for $42.1 million on August 8th, and on August 31, they purchased the 340-unit Blue Isles apartments in Margate, FL for $40 million.
Brenner Real Estate Group is a full-service commercial real estate firm providing asset solutions, brokerage, sales investment, property management, asset management, and receivership services for office, industrial/commercial, retail and multi-family properties. The firm has been serving Florida since 1987.
For more information, visit Brenner Real Estate Group on the web at www.breg.net, on Facebook at “Brenner Real Estate Group” or on Twitter at “BrennerREgroup”. The firm may be contacted at 1500 West Cypress Creek Road, Suite 409, Fort Lauderdale, FL 33309, 954.596.5555 or toll free at 1-888-2734 (BREG).