Moshe Popack Buys South Florida Office Complex for $26M
By Julia Echikson August 7, 2024 12:53 pm
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Father and son duo Joseph and Moshe Popack purchased an office complex in Oakland Park, Fla., for $26 million, property records show.
Called Commercial Place, the two-building property features 176,000 square feet and 750 parking spots across 10 acres at 3230 NW 50th Street, just south of Commercial Boulevard.
The property, which was constructed in 1991, is 78 percent leased, according to Cushman & Wakefield, whose Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar represented the seller, Brookwood Financial Partners.
The Beverly, Mass.-based company bought Commercial Place for $23.5 million in 2015, according to property records.
To fund the recent acquisition, the Popacks secured a $18.2 million loan from Israel Discount Bank, according to Meridian Capital Group, whose David Hayum brokered the transaction.
The 75 percent loan-to-value financing features a fixed rate of 6.0 percent on a five-year term, with two years of interest-only payments, followed by a 30-year amortization schedule.
Moshe Popack, who’s based in Miami Beach, has a sizable social media following and was a major donor to Florida Gov. Ron DeSantis’ re-election campaign in 2022. He also runs YMP Real Estate Management, which acquired another office complex in Broward County earlier this year for $45 million, according to The Real Deal.
Julia Echikson can be reached at jechikson@commercialobserver.com.
