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Vacant ocean-to-lake lot in Manalapan fetches $11 million

Posted On: 03-17-2017

If you need any proof that Manalapan is hopping, real estate-wise, here are 11 million more reasons: A vacant lot a couple of blocks south of Eau Palm Beach Resort & Spa has changed hands for — you guessed it — $11 million, according to the deed recorded Tuesday.

The buyer is a revocable trust named after the property’s address, for which busy-as-always real estate attorney Maura Ziska of Kochman and Ziska in West Palm Beach serves as trustee.

The ocean-to-lake property at 640 S. Ocean Blvd measures nearly 2 acres with 150 feet of water on both sides. It was sold by Jackson Real Estate Partners LLC, a Florida limited liability company managed by Tremont Partners, a private-equity firm in downtown West Palm. Tremont is headed by real estate investor, attorney and asset manager Kenneth Z. Slater, who with his wife, Ellen, owns a homesteaded condominium in Sloan’s Curve.

Broker Lawrence Moens of Lawrence A. Moens Associates last had the Manalapan property listed at $12.9 million. Jackson Real Estate Partners paid a recorded $11.375 million for it in 2014, property records show.

The seller also owns a Manalapan beachfront house on 2.2 acres at 1000 S. Ocean Blvd., which the company bought for a little less than $15 million in 2015. In Palm Beach, Tremont’s portfolio includes the Bank of America building at 140 N. County Road and the Chairmen’s Club Building at 220 Sunrise Ave.

This week’s sale joins two other sizable transactions down Manalapan way that were recently reported in the Shiny Sheet. A couple of weeks ago, agent Jim McCann of the Corcoran Group represented the buyer, who paid $20.23 million for an ocean-to-lake estate at 840 S. Ocean Blvd. opposite listing agent Chad Carroll of Douglas Elliman.

And last month, broker Christian J. Angle of Christian Angle Real Estate handled both sides of a $28 million sale for a never-lived-in contemporary-style waterfront home at 920 S. Ocean Blvd.

 

 

 

Source: Darrell Hofheinz, March 31, 2017, Palm Beach Daily News

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