Billionaire Teddy Sagi's Globe Invest and Jorge Perez's Related Group Partner in Joint Venture to Invest in Transit Village, a Transit-Oriented Development Valued at Over $500 Million in Downtown West Palm Beach, Florida

WEST PALM BEACH, Fla., Nov. 9, 2021 /PRNewswire/ -- On behalf of Transit Village and the project's principal, Michael Masanoff, Avison Young's Florida Capital Markets Group secured and structured a joint venture transaction between Globe Invest, Related Group (Related), and BH Group to invest in Transit Village, a transit-oriented, infill, mixed-use development spanning 10 acres. Transit Village is located at 150 Clearwater Drive and 203 S. Tamarind Avenue in Downtown West Palm Beach, Florida.

Globe Invest Limited acts as the investment arm and holding company of the entrepreneur Teddy Sagi that invests in various sectors globally, including software developments and applications, technology companies, financial services, and real estate. Sagi's group, through LabTech Investments Limited, develops destination property landmarks in London and is responsible for a diverse portfolio that comprises flexible working, residential, retail, and food and beverage communities. LabTech owns and manages the majority of its 2.2 million square feet of real estate across London valued at over $4 billion. LabTech's portfolio includes the original world-famous Camden Market and a new 0.5 million square foot five-acre canal side retail and dining destination that was developed and opened in 2021 and Camden Market Buck Street, a container concept next to Camden Town station.

Established in 1979, Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated, and managed over 100,000 condominium, rental and commercial units.

Related has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. Related has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities' global culture and streetscapes. 

Of the transformative Transit Village development, Related Chairman and CEO, Jorge Pérez, said, "We want to create a mixed use, transit-oriented urban hub that will include office, retail, and workforce to luxury housing offerings. We will add great art and design, as is standard for Related, and create bicycle, pedestrian, and public transit linkages to connect easily within, to, and from, West Palm Beach, Fort Lauderdale and Miami. With this project, we further our partnership with the public sector to make West Palm Beach one of the best cities in America."

The Transit Village proposed development valued at over $500 Million and envisioned by Masanoff, is above and around the station and hub for regional rail and bus lines and is an award-winning project that is government-approved for approximately 1.5 million square feet of flexible zoning uses and $25 million in tax increment and grants.

Avison Young Principals Keith O'Donnell; John K. Crotty, CCIM; Gary Gottlieb, SIOR; Michael T. Fay, who is also Managing Director of the firm's Miami operations; David Duckworth; and Vice President Brian de la Fé, represented Transit Village and the project's principal, Mike Masanoff, during this transaction.

"The Avison Young team enthusiastically engaged the market to complete the deal and allow Transit Village to come to fruition," said Masanoff. "I'm pleased to have recruited Avison Young for this significant Downtown West Palm Beach transaction. My decision was based on my long, successful deal history with Keith O'Donnell dating back to our 1997 transaction to acquire and develop the 550 acre, 2 million-square-foot IBM office park now known as the Boca Raton Innovation Campus."

"Our team's marketing efforts job was made easier by the fact that our client, Mike Masanoff, did such an excellent job of designing and obtaining entitlements critical for the support and development of Transit Village," said O'Donnell.

"The immense public sector and community support, coupled with our relationships and experiences working with major investor-developers in South Florida, were instrumental for the success of the transaction," added Crotty.

Strategically located just north of Okeechobee Boulevard at the intersection of Banyan Boulevard and Clearwater Drive, Transit Village is one traffic signal from Interstate 95 and under three miles from the Palm Beach International Airport. Directly connected to the Tri-Rail and Amtrak Station and the county bus transit center, the site provides direct transit access to Palm Beach International, Fort Lauderdale-Hollywood International, and Miami International Airports, making it a true transit-oriented location.

Transit Village was represented by Michael Karsch of Lorium Law who provided legal counsel. Globe Invest was represented by Ronald R. Fieldstone of Saul Ewing Arnstein & Lehr LLP.

CONTACT: Jenna D'Aniello, 512-740-6070, [email protected]

SOURCE The Related Group

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