Jeffrey E. Sobel Of Sobel Co. Purchases 1.2-Acre Development Site In Boca Raton For $30.1M

Sobel Co. acquired a 1.2-acre vacant development site located at 375 East Royal Palm Road in Boca Raton for $30.1 million. The transaction involved the purchase from a venture led by Penn Florida Companies, which was part of a resolution to the parcel’s bankruptcy proceedings.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $30,100,000
• Buyer: Jeffrey E. Sobel - Sobel Co.
• Seller: Mark A. Gensheimer - Penn Florida Companies
• Market: Boca Raton
• Asset Size: 1.2 acres

This transaction resolves issues surrounding the parcel linked to Penn-Florida's ongoing development challenges in Boca Raton, which include multiple foreclosures and lawsuits.