Southeast Florida Roundup
West Palm Beach-based SYN Ventures raises $465 million to invest in cyber-security companies
Jay Leek and Patrick Heim bring impressive resumes to their West Palm Beach-based SYN Ventures, which has raised $465 million in two funds to invest in cyber-security companies. Leek, former chief security information officer at Blackstone, cofounded ClearSky Security. Heim, who led security at Dropbox and Salesforce.com, also came out of ClearSky, where he was chief information security officer and a partner.
SYN Ventures’ portfolio companies to date are all early stage and all based outside of Florida — the largest share in California with the rest scattered in other states and abroad. Target companies also are in industrial security, national defense, privacy, regulatory compliance and data governance.
- UF Health is moving into Southeast Florida. The health system along with Jupiter Medical Center will own and operate facilities in Palm Beach and Martin counties. They also are in talks to develop clinical and hospital programs and services, including some that move research findings into patient care.
- New York real estate investor Twenty Lakes Holdings paid $12.5 million for the 17-acre site that held the former Treasure Coast Newspapers St. Lucie West printing plant. The local newspapers are printed now in Deerfield Beach.
- Flagler System Management, owner of the Breakers resort in Palm Beach, acquired for $11 million a small office and retail building nearby on the corner of Royal Poinciana Way and Bradley Place.
- Gables Properties of Atlanta will demolish the 504-room Bonaventure Resort & Spa, once a well-known property in west Broward, to make room for an apartment project. Gables paid $50 million to New York-based Hospitality Investing Group for the site.
- Lake Worth Beach is moving to allow micro apartments downtown and in other parts of the city.
- Palm Beach area real estate agents and teams dotted the top five of The Thousand, a 2022 ranking of realty agent performance by Real Trends. The Leavitt McIntosh team at Douglas Elliman, Palm Beach, ranked second nationally among medium teams, which number six to 10 members, with $686 million in volume. The K2 team at K2 Realty in North Palm Beach, ranked fifth with $543.9 million in volume. The Jim McCann Group at Premier Estate Properties in Palm Beach, with $708 million, ranked fifth among small teams, which number one to five members. Individual real estate agents honored were Ralph Harvey in Boynton Beach, who placed No. 2 nationally in individual transactions with 3,253 and No. 4 in volume with $1 billion. Christian Angle Real Estate in Palm Beach ranked second nationally for individual volume with $1.2 billion.
- Separately owned Indian River Distillery near Vero Beach Regional Airport and 21st Amendment Distillery in downtown Vero plan to open this year.
- In a step toward addressing algal growth that threatens the Indian River Lagoon, St. Lucie County wants to convert to sewer service approximately 532 properties now on septic tanks in neighborhoods on North Hutchinson Island. The property owners would pay a portion of the cost through annual charges for 20 years with state and federal COVID relief money covering the rest of the up to $17 million price tag.
- The college football Boca Raton Bowl this year resumes playing the Tuesday before Christmas. The game day was moved from the Saturday before.
- A Broward judge ordered Ohad Guzi, also known as Chad Cuzi, out of the moving broker business and ordered him to pay $21.7 million in restitution to customers and in civil penalties. The state Attorney General’s office sued Guzi, owner of eight moving companies, alleging his Hollywood-based businesses engaged in deceptive trade practices, including giving low-ball estimates then raising the price on moving day and failing to deliver customers’ possessions as agreed. A separate federal trial ended with Guzi ordered to pay $13 million for allegedly deceiving customers by using the name Northstar Movers in an effort to deceive them into thinking they were transacting business with the better known California company NorthStar Moving Co. Guzi’s case is the latest in a string of decisions against moving scams based in south Florida.