Boca Raton Real Estate

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We may be facing challenging economic times today, but the housing market is poised to help the economy recover, not drag it down.

Luxury movie theater chain iPic Entertainment filed for Chapter 11 bankruptcy reorganization, months after it opened its eight-screen theater in downtown Delray Beach.

The Delray project, which was in the works for six years, is a factor in iPic’s financial problems, the Palm Beach Post reported. iPic also has locations at Boca Raton’s Mizner Park, North Miami Beach and in other parts of the country. A location was planned for Fort Lauderdale.

The company filed for Chapter 11 a little over a week after it missed a $10.1 million debt payment to the Employees’ Retirement System of Alabama and the Teachers’ Retirement System of Alabama. Boca Raton-based iPic said it secured a $16 million debtor-in-financing loan from the Teachers’ Retirement System of Alabama to keep the company operating.

iPic is in talks with investors, movie theater chains and real estate firms to buy the company, according to the Post. The bankruptcy filing shows that iPic had $291 million in debt and $157 million in assets as of May 15.

It raised $15 million from 818,429 shares priced at $18.50 when it went public last year.

The Delray Beach Community Redevelopment Agency sold the land for the downtown Delray project for $3.6 million and gave iPic $400,000 in development incentives. iPic founder and CEO Hamid Hashemi said changes to the plans, rising construction costs, taking on additional debt and interest contributed to the company’s financial decline.

In March, Hashemi said he planned to open iPics in Fort Lauderdale, Sunrise and the Miami Design District, according to the Sun Sentinel.

Kmart to close Boca Raton store

The Kmart at 1401 W. Palmetto Park Road occupies a prime location near Interstate 95. The building was constructed in 1976, and Kmart has been its only tenant, said leasing agent Jon Cashion of Katz & Associates. The property is owned by Selig Enterprises of Atlanta, according to property records.

Commercial real estate expert Joshua Ladle, head of 11th St. Capital in Boca Raton, called Kmart’s closing “the best early Christmas present ever” for the landlord. Selig Enterprises can replace a struggling tenant paying below-market rents with a new merchant paying market rates, he said.

“Whenever you can get a big vacant box like that back, there’s just so much potential upside,” Ladle said.

Cashion, who handles leasing at the Palmetto Park plaza, said it’s unclear who will take the Kmart space, but he said a new tenant should breathe new life into the shopping center.

“It’s exciting because there hasn’t been a box of this size available in Boca,” Cashion said.

The surrounding neighborhood is affluent. According to Selig Enterprises, the average household income within a mile of the store is more than $114,000.

In recent years, Kmart has closed locations in Boynton Beach, West Palm Beach, Lake Park, and Jupiter.

Many merchants have collapsed in recent years, with Sports Authority, Toys R Us and Circuit City going out of business. Macy’s, JCPenney and Nordstrom have closed stores.

Invasive Iguanas Wreaking Havoc in South Florida

The Washington Post recently released an article regarding the consequences of the increasing green iguana population in South Florida.

The green iguana is native to large parts of Central America, eastern Caribbean islands, and parts of South America. This invasive species was first reported to be inhabiting South Florida in the 1960s.

An invasive species is one that is not native to a certain location and typically spreads diseases and damages the environment.

As many South Florida residents know, the green iguanas tend to destroy landscaping, gardens, damage infrastructure, leave their droppings all over, and even carry harmful diseases such as salmonella. The population of these invasive species, which can grow up to 5 feet long and weigh close to 20 pounds, has been increasing uncontrollably for several years.

Green iguanas can live up to 10 years and may lay six dozen eggs at a time. Since they have no natural predators in Florida, the only population controls they face are cold temperatures and our pest control methods. However, after record heat levels this summer, the latter is the only viable option to control the green iguana population.

The population issue has grown so out of control, that the Florida Fish and Wildlife Conservation Commission (FWC) has announced an open season on the green iguanas. The FWC states that homeowners may kill iguanas on their own properties without a permit, as well as on 22 public lands in South Florida.

Precaution should always be taken whether you elect to remove green iguanas from your property yourself, by hiring a professional, or not at all.

Mortgage Rates, a Powerful Reason To Buy A Home Now

Whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today.
Mortgage rates have dropped almost a full point after heading toward 5% last fall and early winter. Currently, they are below 4%.
With affordability increasing, mortgage rates decreasing, and home values about to re-accelerate, it may be time to call me @954.756.4922 to determine if buying now makes sense for your family.

Happy Independence Day!