In June 2014, BBX Capital Real Estate entered into a joint venture agreement with an affiliate of Procacci Development Corporation. The joint venture acquired three acres of real estate located at Bayview Drive and Sunrise Boulevard in Fort Lauderdale, Florida. The new joint venture entity, Sunrise and Bayview Partners, LLC, is a 50% – 50% joint venture between BBX Capital Real Estate and an affiliate of Procacci Development. The property is currently improved with an approximate 84,000 square foot office building along with a convenience store and gas station, and located minutes from the Fort Lauderdale beaches and directly across from the Galleria Mall. The office building has low occupancy with short term leases. The convenience store's lease ends in March 2017 with a five year extension option. We anticipate the property will be repurposed at some point in the future.