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Notable commercial real estate sales of the Palm Beach season

Posted On: 05-08-2018

Big-dollar residential sales tend to grab the most attention, but several headline-making commercial deals have taken place since the season began in October.

And a key player in three of those deals was The Frisbie Group, the real estate investment company that includes players from two Palm Beach families. Robert Frisbie and his brother, David Frisbie, are principals, as is David’s wife, real estate agent Suzanne Frisbie. Three of Robert Frisbie’s children, plus two of their spouses, are also involved. Another Frisbie brother, Boston-based Rick Frisbie, is a principal. The Frisbie family has built and sold a number of luxury houses in Palm Beach since the 1990s.

In October, The Breakers announced it would acquire the ground floor and underground parking garage of the mixed-use project under construction by The Frisbie Group at the former Testa’s Restaurant site at 221 and 231 Royal Poinciana Way.

Under the agreement, The Breakers also will run a restaurant at the site and handle leasing for the project’s shops. The Frisbie Group, meanwhile, will design, market and sell upscale condominiums on the second floor of the development, known as Royal Poinciana Palm Beach. Terms of deal with The Breakers were not disclosed.

Two weeks after the announcement of the Royal Poinciana Palm Beach partnership, The Frisbie Group closed a $30.7 million purchase of a 50,017-square-foot office building with retail space on the ground floor at 125 Worth Ave. The company bought the property from Boca Raton-based Crocker Partners, which also managed the building. Holliday Fenoglio Fowler, better known as HFF, acted for Crocker in the deal. Robert Frisbie Jr. negotiated for The Frisbie Group with Suzanne Frisbie advising.

Then in April, Frisbie Group paid $26.3 million for the oceanfront building that for nearly 40 years housed Charley’s Crab restaurant, which had just closed at 456 S. Ocean Blvd. The Frisbie Group bought the 1.2-acre property — with 280 feet of oceanfront at Midtown Beach — from its longtime owner, BCD Investors. The Frisbie Group is laying out plans to raze the restaurant and develop on speculation as many as five oceanview townhouses, along with a single-family house on an adjacent vacant lot facing Gulfstream Road.

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In addition to those commercial properties, the Frisbie family owns several buildings on the west side of North County Road between Royal Poinciana Way and Sunset Avenue.

Here are three other notable commercial sales that took place this season:

 In October and April, companies affiliated with a Miami family sold two office buildings on Royal Palm Way. Raul A. Pinto Hernandez signed both deeds as a manager of the companies that sold 231 Royal Palm Way for $9.2 million; and 218 Royal PalmWay for $6.47 million. Commercial brokers Michael Osiecki and Mark Patemen of Cushman & Wakefield acted on behalf of the sellers in both deals. An entity affiliated with Rhode Island-based Procaccianti Cos., a family real estate investment firm, bought the 11,576-square-foot building at No. 231.

A company linked to power-and-energy investor Robb E. Turner, founder and chairman of The Madava Group, bought No. 218, which has 12,466 square feet. In that sale, broker Andrew Deitz of Deitz Realty Co. acted for the buyer.

 In March, real estate investor and resident Tom Quick and his brother, Leslie C. Quick of New Jersey paid a recorded $14.75 million for a 27,530-square-foot office building at 400 Royal Palm Way. Crocker Partners sold the building on the southwest corner of Cocoanut Row to the Quick brothers’ company, Kinsale Partners LLC. HFF represented the seller and also procured the buyer in the deal. The Palm Beach Daily News leases space on the ground floor of the four-story building.

 In April, the landmarked Bradley Park Hotel, 280 Sunset Ave., sold for $15.375 million to New England Development, a Boston-based real estate company with a division that owns and operates several luxury hotels and inns in Nantucket, Mass. A statement from the company announced plans to renovate the property.

The 32-room hotel, built in 1924, was sold by a company controlled by Gayla Sue Levin of Fort Lauderdale. Real estate agent Chris Deitz of The Fite Group handled both sides of the off-market sale. Former Fite Group agent James Paine also was involved on the seller’s side.

 

 

Source: Darrell Hofheinz, May 8, 2018, Palm Beach Daily News

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Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

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