Moshe Popack Buys South Florida Office Complex for $26M

Father and son duo Joseph and Moshe Popack purchased an office complex in Oakland Park, Fla., for $26 million, property records show.

Called Commercial Place, the two-building property features 176,000 square feet and 750 parking spots across 10 acres at 3230 NW 50th Street, just south of Commercial Boulevard. SEE ALSO: Walter & Samuels Sells 419 Park Avenue South to Elad Group for $72M

The property, which was constructed in 1991, is 78 percent leased, according to Cushman & Wakefield, whose Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar represented the seller, Brookwood Financial Partners. 

The Beverly, Mass.-based company bought Commercial Place for $23.5 million in 2015, according to property records.

To fund the recent acquisition, the Popacks secured a $18.2 million loan from Israel Discount Bank, according to Meridian Capital Group, whose David Hayum brokered the transaction. 

The 75 percent loan-to-value financing features a fixed rate of 6.0 percent on a five-year term, with two years of interest-only payments, followed by a 30-year amortization schedule.

Moshe Popack, who’s based in Miami Beach, has a sizable social media following and was a major donor to Florida Gov. Ron DeSantis’ re-election campaign in 2022. He also runs YMP Real Estate Management, which acquired another office complex in Broward County earlier this year for $45 million, according to The Real Deal.