Batmasian began their real estate investing careers with smaller residential buildings three-family homes around Harvard University. In several hundred units, including condominium conversions and apartment complexes. In November of , the Batmasians moved to Boca Raton, Florida with the intention of enjoying an early retirement. After two days, they changed their plans and began pursuing a future based on investing in the South Florida lifestyle.
At a time when many of our coastal communities were being overlooked by serious investors — seen as nothing more than spring break retreats and retirement havens — the Batmasian had the foresight to begin investing in local shopping centers amassing more than 36 properties within their first 33 months. The founders' narrative makes no mention of whether banks, private investors or a combination of the two helped finance their acquisitions. But they say they've focused on leasing to increase revenues, expanded by "re-tenanting existing locations at competitive market rates," and added mixed-use elements to their portfolio.
While building their business portfolio, the Batmasians enhanced their public profile by becoming heavily involved in South Florida charitable causes. For the Batmasians, "it's a labor of love," he said. They truly devote time and resources. Francis said the organization was formed to provide an after-school "safe haven" for underprivileged children who live on the fringes of the justice system.
But since , it has become more "educationally centric," providing rides to and from schools, meals and pathways to literacy and proficiency in mathematics. Recently, he said, five teenagers in the program won scholarships to attend Florida Atlantic University. The couple have been involved in other nonprofit endeavors. Despite the successful build-out of their business and involvement in the community, the couple had rocky times, including a major encounter with the law by James Batmasian.
In , he pleaded guilty in U. He served eight months in a South Carolina federal prison. Later, the Florida Supreme Court ordered the suspension of his Florida law license. He remains ineligible to practice law in the state, according to The Florida Bar. The tax charge aside, there were other problems at Investments Limited.
In , Karla Sotomayor, a former leasing agent, filed a sexual harassment lawsuit against James Batmasian. The same year, James Baker, a former chief financial officer who had been fired in , filed a whistleblower suit against the company alleging various acts of fraud. The suit was filed after the Batmasians sued him for allegedly stealing company information.
However, a short time before Haynie was charged by state authorities, all of the litigation as swept away this week as judges dismissed the cases under joint agreements by the parties. Attorneys in the cases did not respond to requests for comment.
It remains unclear what awaits the Batmasians as the state's criminal prosecution unfolds against Haynie. In November, in the wake of a detailed investigative report by the Palm Beach Post into alleged financial ties between the Batmasians and a business operated by the mayor's husband, Marta Batmasian denied she and James Batmasian received favors from the city. This is a small town, where everyone knows everyone.
David Lyons can be reached at , dvlyons sun-sentinel. Skip to content. Jeffrey A. Boca Raton Mayor Susan Haynie is facing criminal charges and plans to withdraw her candidacy for the county commission, sources told the South Florida Sun Sentinel.
Apr 25, at AM.
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|Yadugiri investments with high returns||The creation of quality shopping destinations and places to live and Investments Limited and the Batmasian legacy. Call Now. Authorities alleged, "Susan Haynie failed to disclose income she received from the developer, James Batmasian, while conducting business with him and his companies through a company she owned with her husband," Neil Haynie. InKarla Sotomayor, a former leasing agent, filed a sexual harassment lawsuit against James Batmasian. In several hundred units, including condominium conversions and apartment complexes.|
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