Penn-Florida sells assisted living dev site in Boca Raton for $27M, resolves foreclosure suit

Facing foreclosure on its development site in Boca Raton, Penn-Florida Companies sold the 1-acre lot previously planned for an assisted living facility for $27 million.  Led by Mark Gensheimer, Penn-Florida sold the vacant property at 375 East Royal Palm Road to Boca Raton-based SobelCo, according to records and real estate database Vizzda. SobelCo, a real estate development, investment, management and leasing firm led by Jeffrey Sobel, also purchased the adjacent 0.2-acre vacant site at 343 East Royal Palm Road for $3.1 million from an entity managed by McFillin of Delray Beach.  In total, SobelCo paid $30.1 million for 1.2 acres […]This article originally appeared on The Real Deal. Click here to read the full story.