Redfearn Capital Pays $42.2 Million for Two Delray Beach Properties on East Atlantic Avenue

Redfearn Capital has acquired two commercial properties on East Atlantic Avenue in downtown Delray Beach for a combined $42.2 million. The Delray Beach-based private equity firm, led by Alex Redfearn, paid $38.2 million at auction for the office and retail property at 105–111 East Atlantic Avenue and $4 million in a separate transaction for a retail building at 123 East Atlantic Avenue. Cushman & Wakefield's Ron Granite and Jason Hochman arranged financing for Redfearn Capital, while Katalyst Real Estate & Development and Cushman & Wakefield's Mike Ciadella represented the sellers of the larger property.

$38.2 Million Auction Purchase at 105–111 East Atlantic Avenue

The larger of the two properties, at 105–111 East Atlantic Avenue in downtown Delray Beach, spans 22,800 square feet, according to property records. The mixed-use asset houses office, retail and restaurant space, and its tenants include Sloan's Ice Cream and Geronimo Tequila Bar and Southwest Grill. The $38.2 million price works out to $1,674 per square foot. The buildings were reportedly constructed in 1952 and 1971 on a 0.38-acre site.

The sale was an auction following the settlement of a lawsuit between the property's former co-owners and business partners.

Lawsuit Settlement Led to the Sale

David Hosokawa, the former CEO of TMP Worldwide, parent company of the jobs site Monster.com, had co-owned the property since 2002 with bakery owner Billy Himmelrich. Hosokawa died in 2022 of Parkinson's disease. His wife, Beverly, served as trustee of his estate.

Beverly Hosokawa sued Himmelrich later in 2022, claiming he took advantage of her husband's money in his old age and poor health. As part of the settlement of that suit, the two parties jointly sold the property and shared the proceeds. Gary Mansfield and David Stone of Fort Lauderdale-based Mansfield, Bronstein & Stone reached the settlement on behalf of the Hosokawas.

Don Ginsburg of Katalyst Real Estate & Development represented the Hosokawas in the sale, and Mike Ciadella of Cushman & Wakefield represented Himmelrich.

$4 Million Purchase at 123 East Atlantic Avenue

In the smaller deal, Redfearn Capital acquired the retail building at 123 East Atlantic Avenue for $4 million from William R. Burke. Burke had purchased the property for $173,000 in 1996, according to property records. The 1,960-square-foot building was built in 1950 and recently renovated. The price equates to about $2,040 per square foot.

Cushman & Wakefield Arranges Financing

Cushman & Wakefield's Florida debt and structured finance team, Ron Granite and Jason Hochman, represented Redfearn Capital in securing financing for the acquisition. Cushman & Wakefield was also on the sell side of the larger transaction through Mike Ciadella's representation of Himmelrich.

Building a Downtown Delray Beach Portfolio

The purchases add to Redfearn Capital's holdings along East Atlantic Avenue. In December, the firm paid $10 million for the retail building at 131 East Atlantic Avenue, giving it a swath of commercial frontage along the street. Together, the three properties form an assemblage on the block of Atlantic Avenue between Northeast First and Northeast Second avenues.

The acquisitions also follow Redfearn Capital's sale of a 6,500-square-foot office and retail building at 317 Peruvian Avenue in Palm Beach for $18 million. The firm made $10 million on the investment in about a year after a mystery buyer made "an offer we couldn't refuse," Redfearn said at the time.

About Redfearn Capital

Founded in 2014, Redfearn Capital is a private equity commercial real estate company that targets value-add, distressed and opportunistic investments. The firm handles property management, construction management and asset management in-house. It partners with an institutional capital partner on larger deals and works with high-net-worth family offices on smaller transactions. The company reports more than $1.3 billion of assets under management, over 8 million square feet and more than 250 active tenants in three states. Its headquarters are in Delray Beach.

Market Context

The two transactions priced at roughly $1,674 and $2,040 per square foot, respectively, and the $38.2 million purchase is among the larger commercial deals in Delray Beach's history. Redfearn Capital has described downtown Delray Beach as one of South Florida's most vibrant and supply-constrained markets. With the three East Atlantic Avenue properties under common ownership, the firm controls contiguous frontage along the corridor.

Sources

Redfearn Capital: https://redfearncapital.com/news/gaby-draft-10/

The Real Deal: https://therealdeal.com/miami/2026/09/11/redfearn-capital-pays-42-million-for-delray-beach-retail/