Oakland Park developer Dan Deitchman partnered with former Link Real Estate executive Koby Assaraf to launch a new investment and development firm, Newrock Partners.
Deitchman and Assaraf, former chief development officer of Miami-based Link Real Estate, are equal partners in the new company, which recently paid $3.9 million for the buildings at 3472 Northeast Fifth Avenue and 519 Northeast 34th Street in Oakland Park. Newrock hired Level Realty managing partner Joshua Deitchman and Metro 1 brokers Andres Nava and Joshua Rosa to handle leasing of the property, called Industry | Oakland Park.
The light industrial property is west of the Funky Buddha Brewery in downtown Oakland Park. “We saw a lot of the characteristics of Little River in Miami coming from Fort Lauderdale and Flagler Village,” Assaraf said about the area.
Newrock Partners will work on two projects, Project O and Project O2, in Oakland Park, as well as more locally and in other markets, Assaraf and Deitchman said.
Project O is a mixed-use development that will wrap around the historic Kennan Building at 3101 and 3201 North Federal Highway, with a 274-unit apartment building that would include micro-units, 20,100 square feet of commercial space and parking garages. As planned, it will also include a pool and fitness program, and a campus-like ground-floor retail layout, Assaraf said.
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The second development, Project O2, at 3339 to 3347 North Federal Highway in Oakland Park, calls for 165 multifamily units and nearly 32,000 square feet of retail space.
Deitchman, who said he’s been in Oakland Park for about four years, planned to be “more of a passive player in this market.” But he is now taking a more active role due to increased activity in South Florida.
Deitchman also owns properties in Pennsylvania that he will be repositioning, he said.
The two partners are expanding their team and plan to continue hiring as they grow their portfolio. Assaraf said he also is bullish on light industrial real estate up the East Coast.