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Gary Broidis, Principal of Delray Beach-based Atlantic Commercial Group, Inc. recently completed the $1,600,000 sale of a 12,000 square foot building located in Coconut Creek.

The building, located at 6119 Lyons Road, was developed as a free-standing building approximately 6 years ago and was under contract several times with previous buyers. Under the direction of Mr. Broidis, the property was sold to a local physician staffing company and will serve as their corporate headquarters.

Two land parcels, located immediately adjacent to this building, are currently being marketed by Atlantic Commercial Group as well. Per Mr. Broidis, these land parcels are fully approved for identically buildings to the one recently sold and are situated in a beautiful office park with immediate access to the Sawgrass Expressway and The Florida Turnpike.

A lawsuit by the majority owner of the Fashion Mall that alleged a misuse of funds at the redevelopment project by its manager has been dismissed from federal court, although it was quickly refiled in state court.

U.S. District Judge James I. Cohen granted the motion by project manager Wei Chen and Mapuche LLC, the company that controls the property, to dismiss the lawsuit for lack of jurisdiction. Since both plaintiff Tangshan Ganglu Iron & Steel Co. and the defendants are Chinese citizens, it wouldn’t be proper for this case to be heard in U.S. federal court, the judge ruled.

The judge didn’t rule on Ganglu’s allegation that Chen misappropriated $48.7 million of the $50 million in funding that it provided for the project. Ganglu owns 80 percent of Mapuche while Chen owns the other 20 percent. Ganglu wanted a custodian to take over control of the development.

Miami attorney Lida Rodriguez-Taseff, who represents the plaintiff, said she refiled the lawsuit in Broward County Circuit Court.

“This was essentially a delay tactic on the part of the defendant to delay the inevitable,” Rodriguez-Taseff said.

The shuttered mall exited Chapter 11 in 2012 with plans for a 660,000-square-foot mixed-use development at 321 N. University Drive in Plantation. The first phase would be a renovated office building.

Even with the federal lawsuit dismissed, the question is whether the project can succeed while its main financial backer, Ganglu, is at odds with Chen.

Source: SFBJ

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Atlantic Commercial Group Completes Building Sale In Coconut Creek

Judge Dismisses Lawsuit Threatening To Sideline Plantation’s $300M 321 North Project, Case Refiled

Atlantic Commercial Group Completes Building Sale In Coconut Creek

Judge Dismisses Lawsuit Threatening To Sideline Plantation’s $300M 321 North Project, Case Refiled

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Atlantic Commercial Group Completes Building Sale In Coconut Creek

Judge Dismisses Lawsuit Threatening To Sideline Plantation’s $300M 321 North Project, Case Refiled

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