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Bluegreen Pays Premium for Bethel Beach Club

BOCA RATON, FL-In a puzzling transaction, the publicly traded Boca Raton-based resorts developer pays $7.1 million or $109,230 per unit for a distressed 65-unit, 62,044-sf property in the seaside community of Surfside, nine miles northeast of Miami. Buyer and seller didn't respond to GlobeSt.com's request for comment.

By David R. Corder | Updated on June 19, 2001

BOCA RATON, FL-Locally based Bluegreen Corp. paid top dollar to Bethel Beach Club Partners Ltd. of Fort Lauderdale for Bethel Beach Club Resort & Spa, a distressed 65-unit, 62,044-sf resort property at 8801 Collins Ave., Surfside, just north of Miami Beach. The $7.1 million price equates to $109,230 per unit or $114 per sf of rentable space.

Buyer and seller didn’t respond to GlobeSt.com’s request for comment. But a spokeswoman for Hollywood, FL, attorney Ronald P. Gossett, who represents the seller, confirmed the transaction for GlobeSt.com. Gossett was unavailable for comment.

Bluegreen did not identify the property or the purchase price in a recently released shareholder’s statement that announced the acquisition.

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