A pair of Atlantic Avenue properties, home to Tramonti Ristorante, Sloan’s Ice Cream, and Geronimo Tequila Bar and Southwest Grill, have a new owner.
DHBH Atlantic LLC, managed by William B. Himmelrich, and 60½ LLC, led by Beverly Hosokawa, sold the buildings at 105 and 111 E. Atlantic Ave., Delray Beach, at an auction on Sept. 10. Delray Beach-based Redfearn Capital, a private equity real estate firm, made the highest bid at $38.2 million and became the new owner. The properties sit on 0.38 acre and comprise 23,290 square feet of retail, restaurant and office space. Besides the ground-floor retail tenants, one of the two second-floor office suites is also leased.
The buildings, which were constructed in 1952 and 1971, had not been sold in more than 20 years, said Katalyst Real Estate’s Don Ginsburg, who worked with the sellers.
“The price per square foot of $1,674 is one of the highest ever for Atlantic Avenue,” he said. “That same day, Redfearn Capital also acquired 123 E. Atlantic Ave. in a separate transaction, for $4 million, so now Alex Redfearn’s company owns the entire block.”
This auction resulted from an arbitration settlement between the two sellers over a partnership dispute that was settled in 2024. The dispute involved claims that the Hosokawa family had been taken advantage of as the late Dave Hosokawa’s health declined. Under the settlement, both parties agreed to sell the properties together and divide the proceeds at closing. Beverly Hosokawa also received reconciliation payment.
The attorneys involved included Gary Mansfield and David Stone of Mansfield, Bronstein & Stone LLP, who represented Beverly Hosokawa. They represented her individually, as trustee of the David “Dave” A. Hosokawa Revocable Trust, and as personal representative of David Hosokawa’s estate. Hosokawa was CEO of TMP Worldwide, the parent company of Monster.com. Himmelrich was represented by attorney Lance Shinder.
Representing the sellers were Cushman & Wakefield’s Mike Ciadella, Scott O’Donnell and Miguel Alcivar, along with Katalyst Real Estate’s Ginsburg and Adam Steinlauf.
Cushman and Wakefield’s Florida EDSF Team, Ron Granite and Jason Hochman, represented Redfearn Capital in securing financing for the acquisition.
See original article here By Christine Davis: https://thecoastalstar.com/profiles/blogs/business-spotlight-auction-of-atlantic-avenue-properties-brings-i
