LM Restaurants Purchases Intracoastal Development Land next door to THE COVE

Description

We are thrilled to have represented LM Restaurants on this commercial waterfront development transaction.

CONGRATS TO ALL INVOLVED!

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If you’ve been keeping a keen eye on Deerfield Beach’s real estate scene, here’s a development that’ll surely catch your attention. The Moshakos family, under the banner of LM Restaurants, is gearing up to transform the Deerfield Beach coastline once again. Just next to their renowned eatery, they’re contemplating a fabulous waterfront dining destination, coupled with a chic boutique hotel.

Here’s the inside scoop: LM Restaurants, via its affiliate, has secured a sprawling 1.7-acre plot at 1755 Southeast Third Court. And they’ve invested a whopping $10 million for this prime real estate, previously owned by an entity helmed by Phillip Schuman. This vacant lot is conveniently located just a short distance from East Hillsboro Boulevard.

This exciting transaction witnessed Julie Berry and Sheila Roux from CBRE representing the seller, while the Prakas & Company duo, Tom and Chas Prakas, represented the buyer. For those tracing back its history, the property was last under the hammer in 2007, fetching a sum of $3.5 million.

Adjacent to this plot is The Cove Waterfront Restaurant + Tiki Bar, another jewel in LM’s crown. Tom Prakas spills the beans on their vision: a relaxed ambiance restaurant and a swanky boutique hotel. But, it’s still early days! The Moshakos are holding their cards close to their chest and will dive into concrete plans only by next year, with potential alterations on the horizon.

For a bit of backstory, LM Restaurants, anchored in Raleigh, North Carolina, boasts an array of brands. Think Carolina Ale House and Bluewater Waterfront Grill. The brand’s genesis traces back to Lou and Joy Moshakos, and their legacy has been recently bolstered with the addition of their daughter, Amber. They’re no strangers to the South Florida terrain, with stellar venues like Oceanic and Lucky Fish under their belt.

October brought more news from the LM camp. They’re on the brink of revamping the erstwhile Dania Beach Grill, which has been dormant since 2019. Soon, it might don the garb of Lucky Fish, Dania Beach.

But it’s not just the Moshakos making waves. Deerfield Beach’s retail landscape has seen its fair share of action. Just last year, Ronny Finvarb, in collaboration with Ark Restaurants, acquired the coveted JB’s on the Beach restaurant and its neighboring parking zone for $11 million. And that’s not all! He further invested in an office-retail space in Deerfield Beach, sealing the deal for $9.3 million.

James and Marta Batmasian, of Investments Limited, are other significant players, with extensive properties in Boca Raton. This summer alone, they added the Lakes at Deerfield apartment complex and Palm Trails Plaza to their portfolio, spending a combined $63 million.

South Florida, in general, is proving to be a hotspot. Developers are acquiring properties, especially eyeing them for dining establishments. Robert Rivani’s Black Lion Investment Group is one such key player, snapping up prime spots in Miami Beach’s South of Fifth neighborhood, with plans to make them the go-to dining destinations.

In conclusion, if you’ve got an appetite for real estate and gastronomy alike, keep your eyes peeled on Deerfield Beach – it’s simmering with potential! 🌴🍽️🌊

• Infrastructure Included: Yes