Miami, FL Bilzin Sumberg Baena Price & Axelrod announced today that it represented UCM/PRCP-Boca Raton, LLC, a Florida-based real estate investment fund, in the acquisition of two partially constructed buildings and the remaining condo inventory from Boca East, LLC, as well as 25 condo units sold by third party unit owners. The total purchase price was approximately $27.1 million. One of the principals of the buyer is an affiliate of Priderock Capital Partners, LLC, out of West Palm Beach, Florida.
Complicating the closing of the transaction were the involvement of multiple sellers, including the original developer and third party unit owners, as well as pending lawsuits and recorded judgments and claims of lien. The majority of the third party unit owners previously purchased their units from Boca East, LLC. Further, the Bilzin Sumberg team was required to negotiate with the City of Boca Raton for the reissuance of various building permits.
Bilzin Sumberg Real Estate partner, Carey A. Stiss, led the firm's representation, handling all real estate portions of the transaction. Howard E. Nelson, partner in the firm's Environmental and Land Use Groups, handled negotiations with the City of Boca Raton, while Corporate & Securities partner Joanna E. Iglesias worked on the corporate aspects of the transaction.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a full-service, commercial law firm based in Florida. The firm has extensive experience in the areas of corporate and securities law, environmental law, land use and government relations, litigation, real estate, restructuring and bankruptcy, tax and wealth transfer. For more information, visit the firm's website at www.bilzin.com.
Howard E. Nelson spoke on The Effect of Mitigation Credits on Property Development and Values, and Recap of HB 521 (2019), during the 2019 Florida Association of Property Appraisers (FAPA) Post-legislative Conference.