BBX Capital Real Estate Announces Joint Venture Agreement
July 01 2014 - 3:15PM
Marketwired
BBX Capital Real Estate Announces Joint Venture Agreement With
Procacci Development
Joint Venture Acquires Prime Real Estate Property in Ft.
Lauderdale, Florida
FORT LAUDERDALE,
FL--(Marketwired - July 01, 2014) - BBX Capital
Real Estate, a division of BBX Capital Corporation (NYSE: BBX), announced today it has entered into
a joint venture agreement with an affiliate of Procacci Development
Corporation. The joint venture has acquired three acres of
real estate located at Bayview Drive and Sunrise Boulevard in Fort
Lauderdale, Florida. The property is currently improved with
an approximate 84,000 square foot office building along with a 7-11
retail store and gas station.
"Located minutes from the Fort Lauderdale beaches and directly
across from the Galleria Mall, we believe the site is very
well-positioned and holds great potential," commented Phil
Procacci, Chief Executive Officer of Procacci Development
Corporation. "We are excited about the possibilities of this
prime property and very pleased to join BBX Capital Real Estate in
this joint venture."
The new joint venture entity, Sunrise and Bayview Partners, LLC,
acquired the above described property for approximately $8.0
million. The property is a 50% - 50% joint venture between BBX
Capital Real Estate and an affiliate of Procacci Development.
"The Galleria at Fort Lauderdale is one of Broward County's most
identifiable shopping locations and premier destination stops for
sophisticated stores and fabulous restaurants. We are very
excited about the promise of this one of a kind prime location
across from the Galleria, and are very pleased to partner with the
Procacci team," commented John E. "Jack" Abdo, Vice Chairman of BBX
Capital Corporation.
About BBX Capital
Corporation: BBX Capital, a New York Stock Exchange
listed company (NYSE: BBX), is
involved in the acquisition, ownership and management of, and joint
ventures and investments in real estate and real estate development
projects as well as investments and management of middle market
operating businesses. In addition, BBX Capital and its holding
company, BFC Financial Corporation, have a 46% and 54% respective
interest in Bluegreen. Bluegreen manages, markets and sells
the Bluegreen Vacation Club, a flexible, points-based, deeded
vacation ownership plan with more than 180,000 owners, over 60
owned or managed resorts, and access to more than 4,000 resorts
worldwide.
As of March 31, 2014, BBX Capital had total consolidated assets
of $416.9 million, shareholders' equity attributable to BBX Capital
of approximately $304.6 million, and total consolidated equity of
approximately $305.7 million. Its book value per share was
$19.03.
For further information,
please visit our family of companies: BBX Capital:
www.BBXCapital.com Bluegreen Corp.: www.BluegreenVacations.com
Renin Corp.: www.ReninCorp.com BBX Sweet Holdings: Hoffman's
Chocolates: www.Hoffmans.com, Williams & Bennett:
www.WilliamsandBennett.com, and Jer's Chocolates: www.Jers.com
RoboVault: www.RoboVault.com BFC Financial Corporation:
www.BFCFinancial.com
About BFC Financial
Corporation :
BFC (OTCQB: BFCF) is a holding
company whose principal holdings include a 52% ownership interest
in BBX Capital Corporation (NYSE:
BBX) and a 54% indirect ownership interest in Bluegreen
Corporation. As of March 31, 2014, BFC had total consolidated
assets of approximately $1.4 billion, shareholders' equity
attributable to BFC of approximately $243.1 million, and total
consolidated equity of approximately $430.2 million. For more
information, visit www.BFCFinancial.com.
About Procacci
Development Corporation: Headquartered in Boca Raton,
Florida, Procacci Development Corporation is a full-service
development, construction, leasing and management company with
extensive knowledge and experience in commercial real
estate. Since 1976, the Procacci Team has built a solid track
record of providing real estate solutions, creating innovative
projects, building quality properties and managing for long-term
success. The Company's current portfolio includes more than
1.2 million square feet, more than half of which is clustered in
Class A office buildings around the Dolphin Mall in Miami,
Florida. For more information, visit
http://www.procacci.us/
This press release
contains forward-looking statements based on current expectations
that involve a number of risks and uncertainties. All opinions,
forecasts, projections, future plans or other statements, other
than statements of historical fact, are forward-looking statements
and include (but are not limited to) words or phrases such as
"plans," "believes," "will," "expects," "anticipates," "intends,"
"estimates," "our view," "we see," "would" and words and phrases of
similar import. Future results could differ materially as a
result of a variety of risks and uncertainties, including that the
property will not be as valuable over the long term as anticipated;
that any plans to redevelop the property will not be successful;
that required regulatory entitlements to develop the property will
not be obtained timely or at all; and that the Company's investment
in this or future real estate joint ventures may not achieve the
returns anticipated or be profitable. In addition to the risks
and factors identified above, reference is also made to other risks
and factors impacting BBX Capital detailed in the Annual Report on
Form 10-K, including Item 1A. Risk Factors, which is available to
view on the SEC's website, www.sec.gov, or on BBX Capital's
website, www.BBXCapital.com. The Company cautions that the
foregoing factors are not exclusive.
BBX Capital Contact
Info:Media contact: Caren Berg Boardroom Communications
(954) 370-8999 Email: cberg@boardroompr.comInvestor
Relations: Leo Hinkley Managing Director, Investor Relations
Officer 954-
940-5300 Email: InvestorRelations@BBXCapital.com
BBX Capital (NYSE:BBX)
Historical Stock Chart
From Apr 2024 to May 2024
BBX Capital (NYSE:BBX)
Historical Stock Chart
From May 2023 to May 2024