Hedge Fund Buys Waterfront Complex in South Florida to Expand Office

Hedge fund Voloridge Investment Management plans to expand its footprint in Jupiter, Fla., after buying the mixed-use complex it has occupied for over a decade. 

The investment firm, led by Barry Miller, paid $57.6 million for parts of Harbourside Place, which sits at the intersection of Route 1 and the Indiantown Bridge along State Road 706, on a barrier island about a mile west of the ocean beach, property records show.

The acquisition includes two mixed-use buildings. The biggest one, where Voloridge is currently based, spans 51,630 square feet at 110 Front Street and houses 14,769 square feet of retail space and 32,794 square feet of office space. The other building spans 42,331 square feet at 115 Front Street and includes 11,776 square feet of retail space and 27,783 square feet of offices. 

In addition, Voloridge purchased a vacant 0.7-acre waterfront site and a neighboring commercial building at 102 North Coastal Way. 

The rest of Harbourside Place — including additional retail space, a Wyndham Grand hotel and an amphitheater — remains under the control of the seller, Nicholas Mastroianni’s Summit Ventures, who developed the entire property.

The quantitative hedge fund, which invests in health care and tech, wants to build an additional office that can house up to 200 employees, but has yet to file development plans with the city. If Summit Ventures builds a marina along Voloridge’s newly acquired properties, the hedge fund will have the first right of purchase, according to a filing to Palm Beach County. 

“This investment in Harbourside Place reflects our long-term plans in Jupiter and our commitment to building for the future in the community we proudly call home,” Miller said in a statement. 

Julia Echikson can be reached at jechikson@commercialobserver.com.