Château Group’s Manuel Grosskopf and Pacific Star Capital’s Aria Mehrabi with 600 East Hallandale Seaside Boulevard (Château Team, Farhang Foundation, Google Maps)
Manuel Grosskopf’s Château Team offered a Hallandale Beach searching plaza that the developer had prepared as the web-site of a important blended-use job.
Pacific Star Cash, by way of an affiliate, bought the 65,000-square-foot retail centre at 600 East Hallandale Beach Boulevard for $58 million, in accordance to data. The purchaser took out $30 million in seller funding.
The house, produced in 1984 on 8 acres, final traded for $24.5 million in 2007, information display. Tenants contain Dolphin Dental Care, and preschool and working day care Artec Academy.
Château Group, dependent in Aventura, had prepared to build residences, a hotel, retail and workplaces on the site, The Real Deal claimed in 2018.
The deal will come on the heels of Château marketing an additional of its enhancement websites where by a venture unsuccessful to arrive to fruition. In August, Château and Sunrise-dependent K Group Holdings, offered their would-be 15-story condominium growth web-site at 901 South Ocean Generate in Hollywood for $15.5 million. Following the metropolis downzoned the area in 2005, minimizing the allowable developing heights, Château and K Group’s affiliate sued the metropolis, but misplaced in appeals courtroom.
Château Team could not immediately be arrived at for comment.
The Hallandale Beach plaza could be redeveloped, as builders have homed in on various ageing South Florida retail centers with plans for multifamily assignments. In Pompano Beach, Morgan Group options a 356-unit apartment venture on the site of a former Macy’s retail outlet and parking ton at Pompano Citi Centre.
Pacific Star, based in Santa Monica, Calif., has formulated and obtained $1.6 billion well worth of true estate since it was started in 2003, according to its web page. Aria Mehrabi and David Walker co-established and direct the corporation.
In January, Pacific Star purchased the Denny’s cafe in Miami’s Edgewater community at 3600 Biscayne Boulevard and the adjacent parking lot at 221 Northeast 36th Road for $24 million. The 1.2-acre site’s zoning allows for a 24-tale advancement and up to 150 models per acre, whilst additional units could be created with a density bonus.
Pacific Star produced the Total Foods at 12150 Biscayne Boulevard in North Miami in 2013.
