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BBX Capital division enters into joint venture agreement with affiliate of Proca

BBX Capital Real Estate, a division of BBX Capital announced 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. The new joint venture entity, Sunrise and Bayview Partners acquired the above described property for approximately $8.0M. The property is a 50% - 50% joint venture between BBX Capital Real Estate and an affiliate of Procacci Development.