FORT LAUDERDALE, FL--(Marketwired - July 01, 2014) - BBX Capital Real Estate, a division of BBX Capital Corporation (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 (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
BFC Financial Corporation: www.BFCFinancial.com
About BFC Financial Corporation :
BFC (BFCF) is a holding company whose principal holdings include a 52% ownership interest in BBX Capital Corporation (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.