Rosemurgy Properties And Partners Acquire 170 Acres In Coconut Creek For $68 Million

A development site consisting of 170 acres located on the west side of Lyons Road between Wiles Road and West Sample Road in Coconut Creek was sold for $68 million. The site will be developed into the Mainstreet at Coconut Creek mixed-use project valued at over $1 billion.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $68,000,000
• Buyers: Alexander Rosemurgy II - Rosemurgy Properties, Arnaud Karsenti - 13th Floor Homes, Robert J. Schmier, Douglas R. Feurring & Brian Schmier - Schmier Property Group, Rick Giles - Giles Capital Group
• Seller: David B. Auld - Johns Family Partners, Elster/Rocatica LLC
• Lender: CIMC Bank USA

A joint venture named GSR RE Partners LLC, which includes Rosemurgy Properties, 13th Floor Homes, Schmier Property Group, and Giles Capital Group, has acquired the property. The group subsequently sold a significant portion to Lennar Corp. land bank for $40.4 million, with plans for Lennar to build townhomes, villas, and condos while retaining the apartment and retail parcels.