Redfearn Capital picked up two Delray Beach commercial properties for a combined $42.2 million, in one of the largest commercial deals in the town’s history.
Alex Redfearn’s Delray Beach-based firm paid $38.2 million at auction for the office and retail property at 105-111 East Atlantic Avenue and $4 million in a separate deal for a retail building at 123 East Atlantic Avenue.
The larger property spans 22,800 square feet, according to property records. Sloan’s Ice Cream and Geronimo Tequila Bar and Southwest Grill are tenants. The price amounts to $1,674 per square foot.
Cushman & Wakefield’s Florida debt and structured finance team, Ron Granite and Jason Hochman, represented Redfearn in securing financing.
The sale came after a lawsuit settlement between the property’s former owners and business partners.
David Hosokawa, the former CEO of TMP Worldwide, parent company to internet jobs site Monster.com, had co-owned the site since 2002 with bakery owner Billy Himmelrich. Hosokawa died in 2022 of Parkinson’s disease. His wife, Beverly, was the trustee of his estate.
She sued Himmelrich later that year claiming he took advantage of her husband’s money in his old age and poor health. As part of the settlement of that suit, the two jointly sold the property and shared its proceeds. Gary Mansfield and David Stone of Fort Lauderdale-based Mansfield, Bronstein & Stone reached the settlement on behalf of the Hosokawas.
Don Ginsburg of Katalyst Real Estate & Development represented the Hosokawas in the sale, and Mike Ciadella of Cushman & Wakefield represented Himmelrich.
In the smaller deal, Redfearn acquired the retail building at 123 East Atlantic Avenue for $4 million from William R. Burke. He had purchased the property for $173,000 in 1996, according to property records. The 1,960 square-foot building was built in 1950 and recently renovated. The price pencils out to $2,040 per square foot.
In December, Redfearn paid $10 million for the retail building at 131 East Atlantic Avenue, giving the firm a swath of commercial frontage along the street.
The latest purchases follow Redfearn’s unexpected flip last month of a 6,500-square-foot office and retail building at 317 Peruvian Avenue in Palm Beach for $18 million. The firm made $10 million on its investment in a year after a mystery buyer made “an offer we couldn’t refuse,” Redfearn said at the time.
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