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SeaGlass Sells Out for $169M

Updated • 09/22/2023
swed-social-01-SeaGlass
Jeffrey Soffer completed a $168.8 million sellout of SeaGlass Jupiter Island condominium to a slew of private equity investors, CEOs, and philanthropists.

BitPay and Krispy Kreme CEOs, hedge funders and private equity investors among unit buyers.

Jeffrey Soffer completed a $168.8 million sellout of SeaGlass Jupiter Island condominium to a slew of private equity investors, CEOs, and philanthropists, The Real Deal has learned.

The 10-story, 21-unit development at 1500 Beach Road finished construction in late November. The project was a joint venture between Soffer’s Fontainebleau Development and Perko Development Partners, led by Philip J. Perko. The partners had bought out unit owners of Bowling Rock Club, a previous condominium on the site, in 2017. Fontainebleau and Perko demolished that building in 2019, and launched sales of SeaGlass in early 2020. In 2021, the partners received $50 million in construction financing from Bank OZK.

The property sits on an ocean-to-Intracoastal parcel on Jupiter Island in Tequesta, with 170 feet of waterfront on each side. The development’s amenities include a pool, club room, and gym. SeaGlass attracted a group of buyers across industries, from hedge funders to former Major League Baseball executives. They paid $5.5 million to $12 million for the 21 units, records show.

Here are some of the buyers, according to records:

Stephen Pair | CEO, BitPay

Stephen Pair and his wife Lisa bought unit 901 in SeaGlass for $12 million in December.
Pair is CEO and co-founder of Atlanta-based BitPay, one of the largest cryptocurrency payment platforms. The company was founded in 2011 and has since raised $74.3 million in funding, according to Crunchbase.

He was ranked as one of Atlanta’s top business leaders of the year by Atlanta Magazine for 2023. After the collapse of crypto giant FTX rocked the industry, Pair said, “A lot of people — investors in particular — are going to be a lot more cautious and a lot more skittish about making investments in this space,” PYMNTS reported. A few months after FTX’s collapse, BitPay launched a partnership with MoonPay, a Web3 infrastructure provider.

Joseph Deignan | partner, Solheim Investment Partners

JBeach LLC, a Florida entity managed by Joseph Deignan, bought the 5,200-square-foot, four-bedroom unit 803 for $10.2 million in November, records show.
Deignan is a private equity investor and partner at Minneapolis-based Solheim Investment Partners, a private equity firm that invests in private, lower-to-middle market companies in the Midwest.

Prior to joining Solheim, Deignan co-founded Wayzata Investment Partners, a Wayzata, Minnesota-based firm. Crunchbase reports the investment firm has raised $7 billion in capital and organized three private equity funds since 2004. Wayzata Investment Partners focuses on distressed assets, or what its website calls companies in “special situations” like bankruptcy and financial restructuring.

Carmella Kletjian | co-founder, Kletjian Foundation

Records show Carmella Kletjian bought the 5,200-square-foot, four-bedroom unit 303 for $9.7 million in November.
Kletjian is the co-founder of the Kletjian Foundation, a Boston-based global health-focused nonprofit. She launched the organization in 2012, after her husband Steven Kletjian died of cancer in 2007.

Steven Kletjian inherited his father’s janitorial and maintenance business, Unicco, in 1969, when he was 24, according to his obituary. Just months before he died, Steven Kletjian sold Unicco to Australia-based United Group Ltd. for $408 million.

Records show Carmella Kletjian also bought a 2,800-square-foot home in North Palm Beach for $3.9 million in April.

Michael Tattersfield | CEO, Krispy Kreme

Michael and Christine Tattersfield bought unit 401 for $6.4 million in November, according to records. The 3,800-square-foot unit spans three bedrooms, according to the development’s website.

Michael Tattersfield is CEO of Krispy Kreme, the Charlotte, North Carolina-headquartered donut company. Tattersfield joined the company in 2017, and previously held CEO roles at Minneapolis-based Caribou Coffee and Lakewood, Colorado-based Einstein Noah Restaurant Group. He is also a board member of El Tequileño, a tequila brand based in Tequila, a town in the Mexican state of Jalisco.

Tony Petitti | former COO, Major League Baseball

Records show Tony Petitti bought the 3,800-square-foot, three-bedroom unit 501 for $5.5 million in November.

Petitti is a sports and broadcasting executive who spent 11 years at Major League Baseball. He joined it in 2008, when he helped launch MLB Network, and before becoming chief operating officer and deputy commissioner of business and media.

After leaving MLB, he spent a brief stint as president of Activision Blizzard, a video game company based in Santa Monica, California. He most recently joined The 33rd Team, a sports media company, and sits on the executive committee of the U.S. Golf Association.

 

Original Article Written by Kate Hinsche – TheRealDeal Miami

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