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Integra Investments buys West Palm marina for $72.4 million
The 15-acre Safe Harbor Rybovich site at 4200 North Flagler Drive is backed by a $75 million floating-rate loan and is tied to a mixed-use plan that includes four condo towers and office and retail space.
Commercial Observer reports that the Huizenga family has sold Safe Harbor Rybovich, a 15-acre marina in West Palm Beach, Florida, to Integra Investments for $72.4 million, according to property records.
The marina is located at 4200 North Flagler Drive, between 38th and 44th streets and facing the Intracoastal Waterway. The sale follows city approval of Huizenga Holdings’ earlier plans for a 2.6 million-square-foot mixed-use development that calls for four condo towers totaling 660 units, along with office space, retail, restaurants, crew amenities, and marine storage.
Commercial Observer also notes that Upland Debt Lender provided a $75 million floating-rate loan to multiple Huizenga affiliates backed by different parts of the future development, including the marina, retail, condominiums, and a parking garage.
The project marks Integra’s first in West Palm Beach, and the article says Huizenga Holdings, led by H. Wayne Huizenga Jr., could not be reached for comment while Integra had not yet provided comment.