Longtime Palm Beach resident and real estate investor Paul L. “Jay” Maddock Jr. and his family’s real estate holding company have parted with the Mediterranean-style commercial building he built more than two decades ago in Midtown.
The two-story, Mediterranean-style building at 317 Peruvian Ave. sold off market for a recorded $8.4 million, the deed recorded Aug. 26 shows.
An office at the building housed Palamad LLC, the Florida limited liability company through which the Maddock family has bought, sold and managed real estate.
On the buyer’s side was a Florida limited liability company linked to Alexander P. Redfearn of Delray Beach-based Redfearn Capital, a private-equity firm specializing in commercial real estate. State business records show Alexander Redfearn manages Peruvian Manager LLC, the parent company of Peruvian Property Owner LLC. The latter company is listed on the deed as the buyer.
Built in 2002, the two-story building measures 6,474 square feet, property records show. Based on that measurement, the property sold for $1,297 per square foot.
“We are happy with the price we got,” Jay Maddock told the Palm Beach Daily News. “We are downsizing our real estate operations and will be deploying the funds into other investments.”
Over the past year, Palamad LLC has divested itself of several of its Palm Beach County real estate holdings, mostly commercial and industrial properties. The latest of those sales recorded in late July at $14.3 million for a property in the Jupiter Park of Commerce in Jupiter.
Maddock is a descendant of one of the island’s original pioneer families. In March, he and his wife, Cynthlen “Lynn“ Maddock, sold their longtime oceanfront custom home at 1160 N. Ocean Blvd for a recorded $31 million.
The building that just changed hands on Peruvian Avenue has Mediterranean-style architecture and a covered parking area accessed from the street through an archway.
The building stands near the corner of Peruvian and Hibiscus avenues, a block north of Worth Avenue. Its immediate neighbor to the east is the headquarters of the Preservation Foundation of Palm Beach.
In addition to Palamad LLC, the building houses storefronts occupied by tenants Sotheby’s International Realty and Caroline Rafferty Interiors. The tenant roster also includes Kim Coleman Interiors and interior designer Victoria Hagen’s eponymous company.
Commercial brokers Scott Weprin, Michael Falk, Jimmy Ullrich and Ryan Vaught of Colliers handled the seller’s side of the Peruvian Avenue transaction. Also involved on the seller’s end were Colliers agents Michael Macchia and Riley Vaught.
Agent Judge Moss of Sotheby’s International Realty represented the buyer. He declined to comment on the transaction, and Redfearn could not be reached.
In the sale of the former Maddock house on North Ocean Boulevard, Moss held the listing with his Sotheby’s International Realty colleague John Dewing, whose mother is Lynn Maddock. The house sale saw Moss and Dewing negotiate opposite lead agent Marley Goodman Overman of Illustrated Properties and agent Gary Pohrer, who at the time was with Douglas Elliman Real Estate but is today with Serhant.
In July’s industrial property sale, Palamad LLC sold the Jupiter industrial building at 1001 Jupiter Park Drive to a Florida company, 1001 Jupiter Park LLC, managed by Martin E. Murphy in care of JAMCO Inc. of West Palm Beach. In that deal, Moss acted for the buyer and Weprin and his team represented the buyer.
Palamad LLC had bought the Jupiter Park Drive property for $4.375 million in 2013, property records show.
The July sale followed transactions in which Palamad LLC sold a Palm Beach rental home as well as a portfolio of six industrial parks in West Palm Beach, Riviera Beach, Boynton Beach, Palm Beach Gardens and Jupiter, courthouse records show. The recorded sale prices of those six industrial parks alone totaled just under $40 million. In those industrial-park sales, Maddock’s interests were represented by Weprin and the other Colliers brokers and agents who were involved on Peruvian Avenue.
A statement released by Jay Maddock in December said Palamad’s industrial properties had “proven to be great investments” but were sold “to raise cash to pay estate taxes.”
Jay and Lynn Maddock have downsized in Palm Beach to a four-bedroom house they bought in November for a recorded $12.1 million at 232 Sandpiper Drive.
Jay Maddock is the great-grandson of Henry Maddock, a pioneer-era figure who in 1891 built the lakefront home known as Duck’s Nest, the second-oldest residence in Palm Beach. The Maddock family tree also includes Henry’s son, developer Sidney Maddock, who built the original Palm Beach Hotel, which burned to the ground in 1925. Relocated and rebuilt, the hotel building is today the Palm Beach Biltmore condominium.
Maddock’s siblings, including Palm Beach interior designer Mimi Maddock McMakin, also have deep ties to the island.
Among the Maddock family’s real estate activity in Palm Beach, Jay Maddock was instrumental in subdividing and selling the North End neighborhoods today known as Landmark Estates on Maddock Way and Palama Estates along La Costa Way.
(This story was updated to include new information.)
This is a developing story. Check back for any updates.
Portions of this story appeared previously in the Palm Beach Daily News.
Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Subscribe today to support our journalism.
This article originally appeared on Palm Beach Daily News: Maddock commercial building near Palm Beach’s Worth Avenue brings $8.4 million
Reporting by Darrell Hofheinz, Palm Beach Daily News / Palm Beach Daily News
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