Thursday, August 23, 2007

Class A West Palm Beach Building Sells

http://www.cpnonline.com/"New York City-based Colonnade Properties has closed on Phillips Point, a 424,000-square-foot, Class A office property located in West Palm Beach, Fla. The Winter Organization sold the property for an undisclosed amount.

According to Real Estate Alert, a newsletter that tracks real estate transactions, The Winter Organization and another firm bought Phillips Point in December of 2003 for $138 million or $326 per square foot."



6:11 AM 0 comments  

Saturday, August 18, 2007

Sale of Florida Resort Hotel

http://www.forbes.com/
"Private equity firm The Carlyle Group said Monday it acquired a Florida resort hotel for $74 million through a joint venture with MHI Hospitality Corp., a hotel real estate investment trust.

MHI will own a 25 percent stake in the property, while Carlyle Group will have a 75 percent stake.

The two companies formed their joint venture in April. Carlyle Realty Partners V fund committed up to $100 million of equity capital to the venture for a 36-month period."





11:36 AM 0 comments  

Two South Florida Malls Sell

http://www.miamiherald.com/
"Two South Florida malls are being sold for $400 million to Westfield Group, a giant Australian retail property owner.

Westfield is buying Broward Mall in Plantation and Westland Mall in Hialeah. Peter Lowy, a Westfield managing director, said in a statement that both properties have ``significant long-term redevelopment potential.''

It's the second time in less than a year the two properties have been sold."




11:31 AM 0 comments  

Construction Loan Secured For Boca Raton Condos

http://www.bocaratonnews.com
"LXR Luxury Resorts and Hotels, the affiliate of the Blackstone Group that operates the Boca Raton Resort & Club, has secured a $137 construction loan from real estate firm Akerman Senterfitt to build luxury condominiums at the Resort’s Beach Club.

A syndicate led by Wells Fargo made the loan for the creation of the One Thousand Ocean condominium, a 52-unit luxury development located adjacent to the Beach Club at the Boca Raton Resort & Club, said officials from Akerman Senterfitt. Anthony Casareale, a shareholder in the Miami office, led the Akerman team.

The seven-story building will be a mixture of one-and two-story residences with beach villas, residences and penthouse options. The exterior will be designed in contrast to the warm textures and layouts of the interiors. Each unit has floor-to-ceiling panoramic views and access to world-class amenities."



11:16 AM 0 comments  

Friday, August 10, 2007

Financing For Miami Office Project Secured

http://www.cpnonline.com/

"The Rilea Group, developer of the 588,000-square-foot 1450 Brickell office tower in Downtown Miami, has scored a $172.5 million construction financing package for the project.

Spanish bank Bancaja stepped up as lead lender of a consortium of several other institutions: Banco De Sabadell, Colonial Bank, Banco de Credito E. Inversiones and Pacific National Bank. The financing was arranged on behalf of the lenders by Edgar Lewis, an attorney with Gunster Yoakley & Stewart P.A."



6:47 AM 0 comments  

RFP For East Little Havana, Miami

http://www.bizjournals.com/

"The Miami Department of Community Development has issued a request for proposals from real estate developers for a mixed-use, mixed-income development in East Little Havana.

The sites, at 400-420 and 430 S.W. Eighth Ave., are to be offered by the city in their current condition. Up to $4 million in funding is available.


For the development, the RFP said the city prefers a combination of one-, two- and three-bedroom units, and all three-bedroom units must have at least two baths, one of which must have a bathtub. "




6:45 AM 0 comments  

Kohl's To Open In Jensen Beach

http://www.palmbeachpost.com/

"The popular Midwestern retailer Kohl's will open its first store in the region in October, peddling its new line of mass-market Vera Wang and other moderately priced goods with a highbrow feel.

The Menomonee Falls, Wis.-based company confirmed Wednesday that the store would open in about two months just east of the Treasure Coast Square mall on U.S. 1 in Jensen Beach. A specific date in October has not been set."





6:44 AM 0 comments  

Thursday, August 09, 2007

30 Story Office/Hotel Complex Proposed For Fort Lauderdale

http://www.miamiherald.com/

"The proposed 30-story 111 Broward Blvd. complex, featuring almost 300,000 square feet of office space and 228 hotel rooms, is slated for a 1.24-acre site west of the federal courthouse on Broward Boulevard.

Groupe Pacific marks the latest developer to either propose or consider building a major hotel in downtown Fort Lauderdale. New York-based Tarragon, which developed the Las Olas River House condominium, is planning a mixed-use project with 198 hotel rooms and 300,000 square feet of offices on Las Olas Boulevard. Boca Raton's Crocker Partners is contemplating a 250-room hotel as part of a $175 million mixed-used development on Southeast Second Street."




6:24 AM 0 comments  

Tuesday, July 31, 2007

Briny Beach Development Cancelled

http://www.palmbeachpost.com/
Two years after a wealthy suitor came courting, eight months after $510 million became too good a deal to pass up, and 17 days after the developer said it had "every intention of seeing this through," this oceanfront gaggle of mobile homes is back to square one.

Monday morning, just five days before a $500,000 deposit would have jumped to $5 million, Boca Raton-based Ocean Land Investments wrote a "Dear John" letter. It told the corporate board that runs Briny Breezes that it was calling off the deal to buy the 43-acre park - a deal that would have made many residents millionaires - and convert it to a resort.

Ocean Land said it had asked the board to push back Friday's deadline to Sept. 28 but was refused."




6:33 AM 0 comments  

Spring Hill Suites To Be Built In Vero Beach

http://www.tcpalm.com/

"SpringHill Suites by Marriott will break ground on a new hotel near the Grand Harbor subdivision sometime in November, the developer said Monday.

“We’ve received all the approvals we needed from the county,” said Mike Lore, manager of sales and marketing for Kite Properties, a Vero Beach commercial and hospitality real estate investment and development firm.

The 85-suite hotel will be housed on a 4.47 parcel along Indian River Boulevard, north of Grand Harbor Boulevard."




6:30 AM 0 comments  

Saturday, July 28, 2007

Big Boca Raton Sale Leaseback Deal

http://www.cpnonline.com/

"A joint venture between Mainstreet Capital Partners and the Praedium Group has acquired a 210,000-square-foot office portfolio in a $37 million triple net sale-leaseback deal with Siemens Real Estate.

The portfolio is comprised of three buildings located within the Arvida Park of Commerce in Boca Raton, Fla. One of the buildings is a five-story Class A office measuring 122,000 square feet, while the other two properties are each 44,000-square-foot, single-story office flex spaces. Also included in the deal was over 17 acres of undeveloped land. Each of the properties is fully occupied by a Nokia Siemens joint venture."




6:21 AM 0 comments  

Bayrock Group More Involved In Midtown Miami Mixed Use Project

http://money.cnn.com/

"Bayrock Group has increased its stake in Midtown Miami, the four million square foot mixed-use project under development in the city of Miami, the firm announced.

Bayrock purchased the partnership interest in the project of Samuel Development, the firm said. The purchase price was not disclosed. Midtown Miami now is being developed by a joint venture of Bayrock and Midtown Equities, headed by principal Joe Cayre.

Midtown Miami will create a vibrant metropolis offering complete amenities and a colorful urban lifestyle in the heart of Miami. The project spans 56 acres in the Buena Vista area, bounded by NE 29th Street and NE 36th Street. Midtown Miami is located adjacent to downtown and Miami's famed arts and design district, just across town from the beach and near major highways. When completed, Midtown Miami will offer approximately 3,000 residential units in nine buildings, 1.2 million square feet of retail space and 400,000 square feet of commercial space."



6:17 AM 0 comments  

Friday, July 20, 2007

More Boca Raton Deals

http://www.palmbeachpost.com

"An office complex west of Boca Raton sold this week for $33 million, marking, by my count, the fifth $30 mil-plus office deal in Boca this year. In other words, the commercial real estate market keeps chugging along.

In the latest deal, Ashkenazy & Agus Ventures of Boca Raton bought the Camino Real Center, which includes the buildings from 7000 W. Camino Real to 7700 W. Camino Real. The seller was Sherlon Investments, which paid $16 million for the property in 1999."




6:20 AM 0 comments  

Tuesday, July 17, 2007

$200 Million Palm Beach County Office Sale

http://www.palmbeachpost.com/


"In one of the richest real estate deals in Palm Beach County history, Phillips Point, the prestigious waterfront office tower on Flagler Drive, has sold for a record $200 million.

The lofty sale, to Colonnade Properties of New York, offers more evidence of froth in the commercial real estate market. Even as Palm Beach County home values slump, prices of offices, warehouses and shopping centers soar.

“Every time we think a number has gotten too high, it goes higher,” said Jason Sundook, a broker at Merin Hunter Codman in West Palm Beach. “It’s just unbelievable.”




6:15 AM 0 comments  

Saturday, July 14, 2007

Florida's Las Olas Center Sells

http://www.sun-sentinel.com/

"The owner of Chicago's Prudential Plaza and Washington's Watergate building said Friday it bought Fort Lauderdale landmark Las Olas Centre, an office-retail property with notable tenants such as Jackson's Steak House and Huizenga Holdings Inc.

Real estate investment firm BentleyForbes LLC of Los Angeles did not disclose the price it paid. But one property analyst in New York estimated the cost of the prime commercial real estate at $500 a square foot, making the deal the most expensive to date for an office complex in South Florida.

At that price, the center's nearly 470,000 square feet would fetch $235 million. The property, with 14- and 18-story office towers and ground-floor retail space, stretches nearly two blocks on Fort Lauderdale's trendy Las Olas Boulevard"




6:05 AM 0 comments  

Monday, July 09, 2007

Fort Lauderdale Hotel Expansion

http://www.sun-sentinel.com/
"The historic Riverside Hotel on East Las Olas Boulevard plans a major remake that will expand over the entire block, spelling demolition for eight bars and businesses next to it.

The Riverside continues to evolve from the small inn first built in the 1930s by the Wells brothers from Chicago. Back then, the hotel had a different name, the Champ Carr, named after the brothers' fishing-guide-turned-hotel-manager, according to local historian Merrilyn Rathbun."




6:04 AM 0 comments  

Saturday, June 30, 2007

Lauderhill Mall Overhaul

http://www.browardtimes.com/

"The Lauderhill Mall will undergo a major facelift as part of the city of Lauderhill's major redevelopment along the State Road 7 corridor.

Southeast Properties became the managing entity of the mall in September of 2006 and has implemented a 25-year plan to convert the foundering mall into a mixed-use Town Center type plaza with 2,500 residential units and 1.2 million square feet of retail space.

"We are excited about everything happening in our city. With the county park being built, the Carishoca Marketplace, the Bobby Jones Gospel Music Museum and the several housing developments coming up along State Road 7, we think Lauderhill is becoming a major destination in Broward County," said Leslie Tropepe, public relations director for the City of Lauderhill."



6:39 AM 0 comments  

Wednesday, June 27, 2007

Boca Raton Property Sells

http://digital50.com/

"Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has sold Fountain Square on behalf of tenant-in-common investors. The disposition closed on June 25, 2007.

Fountain Square is a 242,139-square-foot, three building office complex located in the heart of the prestigious Glades Road submarket of Boca Raton, Florida. This Class A institutional quality property is situated on an expansive 15-acre site that includes a dramatic water feature, seating and lush tropical landscaping. The property is 82 percent leased to a number of tenants, including Ameriprise Financial, Inc., Teamstaff, Inc. and Rosemont Farms."





6:19 AM 0 comments  

Sunday, June 24, 2007

Massive Boca Raton Foreclosure Action

http://www.miamiherald.com/

"In what may be the largest foreclosure filed in Palm Beach County since the residential real estate market began cooling last year, Miami-based Ocean Bank has filed a $50 million foreclosure action against the developers of a Boca Raton condo conversion.

And analysts say it's a precursor of things to come as the lenders who fueled the frenzy with easy-to-get loans continue to tighten the purse strings.

Ocean Bank said NRW Development, a South Florida real estate development firm, and six individuals owe $50 million on a condo conversion known as Villa Mare Beach & Yacht Club Residences, a 40-year-old apartment complex formerly known as Oceanview/Lakeview apartments."




6:55 AM 0 comments  

Friday, June 22, 2007

Port St. Lucie Land Sale

http://www1.tcpalm.com/

"After being on the market for nearly a decade, and in the approval process for more than two years, the southeast corner of Westmoreland and Port St. Lucie boulevards has been sold. Palm City Holdings, a division of Poma & Sons, purchased the 3.5-acre site for $1.78 million last week, according to county public records. Chris Klein, president and broker of Treasure Coast Commercial Real Estate Inc, represented both parties. "



6:31 AM 0 comments  

Thursday, June 14, 2007

Miami Commercial Land Purchase

http://www.miamitodaynews.com/
"Steve Smith, chairman and CEO of ComReal Companies, a commercial real estate firm with offices in Miami, said he will meet this week with M&H Homestead Principal Michael Latterner to close on 14 acres in the 270-acre park under the company name CR Partners X LLC. Financial terms of the sale were not disclosed.
Plans for the park space fronting Southwest 142nd Avenue may call for a mixed-use industrial complex, but Mr. Smith said he is open-minded about potential uses. The city marketed the park for industrial use for more than a decade with little success.
The park space "is in a great location," Mr. Smith said. "We have to be flexible and see how the [real estate] market will emerge. It is a high-risk point now. We will learn as we go."



6:15 AM 0 comments  

Miami To Get Another Luxury Hotel

http://www.hotelmotel.com/
"Metropolitan Miami’s Met 2 project, a real estate joint venture between MDM Development Group and MetLife, will be home to the country’s first Miami Met Marquis hotel, a signature new addition to the exclusive JW Marriott Collection Hotels, announced Tim Weller, vice president of development for MDM Development Group.

“Miami Met Marquis is a bold new brand for our portfolio that will be synonymous with modern urban luxury” says, Donald Semmler, executive vice president of Marriott International Corporation. “Soaring 42 stories – it will rise over the heart of Miami – setting a new standard for downtown style and 21ST century sophistication. The Miami Met Marquis will not only offer uncompromised luxury, but also outstanding amenities and the highest level of services.”





6:07 AM 0 comments  

Wednesday, June 06, 2007

Centex Building 4,000 Homes Near Port St. Lucie

http://www.palmbeachpost.com/
"Despite a prolonged housing slump, 4,000 new homes will be going up west of Interstate 95 on land that started the city's westward expansion long before Tradition or PGA Village became household names.

New owners of the storied LTC Ranch, whose development roots date to 1992 and a developer's plans for 10,000 homes there, told planners Tuesday they plan to build an active adult community where the golf cart, not the car, is king.


Centex Homes unveiled plans for Phase 1 of the 2,068-acre project at a planning and zoning board meeting Tuesday, with a proposed 55,000-square-foot clubhouse with such features as a ballroom dance floor and spa, a fitness center and possibly a small community theater.

Kenneth DeLaTorre of Centex estimated about 2,800 of the 4,000 homes and townhomes on the property west of Glades Cut-Off Road will be restricted to people over 55, a fact that pleased a school district official who sits on the planning board as a non-voting member."




9:00 AM 0 comments  

Huge Palm Beach County Land Sale

http://www.sun-sentinel.com/
"A Chicago-based industrial real-estate giant has just bought 537 acres of the Florida Research Park in Palm Beach County in the sale of a parcel it is touting as one of the last contiguous tracts of buildable land in south Florida.

First Industrial Realty-Trust said it paid an undisclosed price for the land along Beeline Highway and its vested 6.2 million square feet of industrial development rights."



6:28 AM 0 comments  

Sunday, June 03, 2007

Hollywood Hotel Sells

http://www.chron.com/
"MHI Hospitality Corp., a hotel real estate investment trust, said in a regulatory filing Friday its subsidiary MHI Hollywood LLC agreed to buy the Crowne Plaza Sian Resort in Hollywood, Fla., for $74 million.

In 2006, MHI Hollywood agreed to buy the commercial space of the redeveloped hotel in Hollywood, Fla., from the seller of the hotel, MCZ/Centrum VI Owner LLC, when it was completed. It also entered into a franchise agreement with InterContinental Hotels Group via its franchising unit Holiday Hospitality Franchising Inc., to brand the condominium hotel project as a Crown Plaza Resort."




5:34 AM 0 comments  

Saturday, June 02, 2007

Port St. Lucie Project Cancelled

http://www.tcpalm.com/
" Main Street Village, a planned 260,000-square-foot lifestyle center at PGA Village, has been scrapped.
"That is not a project that is in our plans any longer," said Julie Kaminski, director of marketing for Menin Development Companies.

Menin executives closer to the project were not available to give specifics Wednesday about why the deal collapsed.
Kolter Communities, the developer of PGA Village and owner of the 22-acre site at St. Lucie West Boulevard and Interstate 95, declined to comment. "





6:58 AM 0 comments  

5 Florida Hotels Sell

http://southflorida.bizjournals.com/
"RodBlu Investments said it has bought five Florida hotel assets in a deal worth more than $45 million.

The company said it made the buys as a joint venture with the Carlyle Group, with debt financing by Wells Fargo.

The properties were the Ramada Inn Dadeland and the Hampton Inn on Brickell Avenue in Miami; the Hampton Inn in Florida City, and a Hampton Inn and Country Inn & Suites on Interstate 95 in Vero Beach. "




6:56 AM 0 comments  

Monday, May 28, 2007

Bankrupt Miami Condo-Hotel Repossessed

http://www.miamiherald.com
"Aug Funding lent the owners of the St. Augustine condo-hotel $5 million in late 2005 and hoped to be paid off with interest by now.

But its attempt to auction off the 24-room South Beach hotel failed, despite more than 100 inquiries.

''Nobody showed up,'' said Phillip Hudson III, head of the Florida bankruptcy practice at Arnstein & Lehr and the St. Augustine developers' lawyer. On Friday, the fund bought the hotel in bankruptcy proceedings.

The dud of a fire sale offers another measure of a once-hot corner of South Florida's real estate market. When condominium sales were soaring, dozens of hotels offered their rooms for sale to individuals, who could then rent out their units for a share of the profits. But as the condominium market went cold -- sales were down 35 percent in April across South Florida -- the condo-hotel sector slowed down, too."




6:27 AM 0 comments  

Thursday, May 24, 2007

Plans For Port St. Lucie Mall Unveiled

http://www.palmbeachpost.com/
"The large mall that Taubman Centers Inc. plans to build in western Port St. Lucie should remind shoppers of another Taubman mall in the region: Wellington Green.

But the 1.1 million-square-foot project, dubbed Tradition Town Center, also may have some components that its counterpart to the south doesn't: a large outdoor "main street," 1,200 apartments and condominiums at its perimeter, another 300,000 square feet of shopping space and a 250-room hotel.

Taubman unveiled its early-stage plans for the mall this week at the International Council of Shopping Centers annual convention in Las Vegas. The Bloomfield Hills, Mich.-based real estate investment trust is using the 1.3 million-square-foot Wellington mall as a model for its project in fast-growing Port St. Lucie, but the design could evolve because the mall is not scheduled to open until 2011."




11:57 AM 0 comments  

Wednesday, May 23, 2007

Two Vero Beach Hotels Sell

http://www.tcpalm.com/
"The two hotels, west of I-95 near The Outlets at Vero Beach, were part of a larger $45 million deal that included three other hotels, Hampton Inn on Brickell Avenue and Ramada Inn Dadeland in Miami, and a Hampton Inn in Florida City.

CL Leemon Properties, whose owners are Charles and Linda Leemon of Vero Beach, sold the Vero Beach hotels.

"From a real estate perspective, these properties are phenomenally located and offer considerable upside potential through renovating and repositioning," Carlos Rodriguez, managing partner of RodBlu Investments, said in a statement. "




6:50 AM 0 comments  

Thursday, May 17, 2007

St. Lucie County Buys Sam's Club Building

http://www1.tcpalm.com/
"The former Sam's Club building in Fort Pierce now belongs to St. Lucie County.
According to public records recorded Wednesday, the county purchased the 15.17-acre property for $6.39 million from Australian Properties, a division of Pantuso Inc. late last week. The former destination for all things bulk will be renovated and make way for much-needed storage space, as well as office space for Community Services, said Ray Wazny, assistant county administrator. "




5:56 AM 0 comments  

Former AMI Building Sold

http://www.sun-sentinel.com/
"Applied Card Systems announced Tuesday that it paid about $10 million for the Boca Raton building that was site of the country's first anthrax attack in 2001.

The company plans to move its call center in August from its leased space at 4700 Exchange Court in the T-Rex Corporate Center to its new 67,000-square-foot home, which will undergo major renovations.

"We wanted to stay in the Boca Raton area and own our own building," Chairman Rocco Abessinio said in a statement."



5:54 AM 0 comments  

Wednesday, May 09, 2007

South Florida To Get 2 "Green" Publix

http://www.palmbeachpost.com/
"Palm Beach Gardens and Boca Raton soon will be home to the first two Publix GreenWise Markets in the chain's history.

These supermarkets, which sell only natural and organic food and products, will be the latest addition to a growing industry.

Work is under way on a new 39,000-square-foot building for a GreenWise Market at 11231 Legacy Ave. in Palm Beach Gardens. It is expected to open late this summer or early fall, said Maria Brous, director of media and community relations for Publix.

The Boca Raton location involves the conversion of an existing 36,000-square-foot Publix store at 21230 St. Andrews Blvd. in Boca Village Square. The store is set to close May 19 for construction, but there is no re-opening date at this point, said Anne Hendricks, Publix media and community relations manager."




5:58 AM 0 comments  

Saturday, May 05, 2007

Pembroke Pines To Get Two New Office Buildings

http://southflorida.bizjournals.com/
"Sky Development said it plans to build two four-story medical/professional office buildings in Pembroke Pines.

The Aventura-based real estate owner, manager and developer said its Park Plaza Executive Center, at 2121 and 2141 University Drive, will have ground-floor retail.


The site is adjacent to Memorial Hospital Pembroke. In December, Sky bought Memorial Hospital Pembroke for $32 million. Groundbreaking on the office buildings is scheduled for the end of the year. Completion is scheduled for December 2008. "




6:16 AM 0 comments  

Wednesday, May 02, 2007

Target Comes To Fort Pierce

http://www1.tcpalm.com/
"A Pittsburgh developer confirmed Monday he has signed a deal with Target to anchor "Newberry Fields" — a 433,989-square-foot shopping center going up on 51 acres at the corner of Jenkins and Okeechobee roads.
ECHO Real Estate Services Co. of Pittsburgh and its partner, Cornerstone Real Estate Advisers LLC of Glastonbury, Conn., a subsidiary of Mass Mutual Life Insurance Co., purchased the property in January for $25 million, records show.

Fort Pierce should see its first Target store by about March 2009, said William Krahe, a managing partner of ECHO."



6:28 AM 0 comments  

Miami Apartment Complex Sells

http://www.costar.com/
"The Related Cos. sold the 151-unit TM Alexander apartment complex in Miami, FL, to Mederos & Associates Real Estate for $9.81 million, or $65,000 per unit.

Located at 1400 NW 19th St., the 17-story building was constructed in 1984 and features primarily one-bedroom units. It sits on a little more than an acre. "



6:26 AM 0 comments  

Friday, April 27, 2007

Infamous Boca Raton Building For Sale

http://www.tcpalm.com/
"A local developer, working on a number of commercial and residential Vero Beach projects, is selling the infamous American Media Inc. building in Boca Raton for $14 million.
Crown Companies owner David Rustine and his wife Rebecca, purchased the AMI building — former home to the National Enquirer, Sun and Globe tabloids — in 2003. They received an assurance from federal agencies two months ago, after he paid to clean the 70,000-square-foot building, that it's anthrax free. "




5:54 AM 0 comments  

Thursday, April 26, 2007

Miami's Flagler Park Plaza Sells

http://www.cpnonline.com/
"KIMCO Realty Corp. of New Hyde Park, N.Y., has acquired Flagler Park Plaza, a Publix-anchored shopping center in Miami, for $95 million or $271 per square foot, a new record for outdoor shopping centers in south Florida, according to the Bethesda, Md.-based The CoStar Group. "



6:00 AM 0 comments  

Home Stats For South Florida

http://www.bizjournals.com/
"For single-family homes, the Florida Association of Realtors said year-over-year median prices for March:


rose 1 percent in Fort Lauderdale, to $372,400 from $368,100, as the number of homes sold fell 25 percent, to 601 from 804
didn't budge a full percentage point in Miami, where they fell slightly to $382,600 from $383,100, as the number of homes sold fell 33 percent, to 634 from 942
fell 5 percent in West Palm Beach-Boca Raton, to $375,100 from $393,700, as the number of homes sold fell 22 percent, to 725 from 929
Near South Florida, single-family existing home median prices fell:

5 percent in Fort Myers-Cape Coral, to $268,000 from $281,300, as the number of homes sold fell by a third, to 636 from 955
7 percent in Fort Pierce-Port St. Lucie, to $239,700 from $258,000, as the number of homes sold declined 41 percent, to 338 from 573
10 percent in Melbourne-Titusville-Palm Bay, to $200,000 from $223,000, as the number of homes sold fell 15 percent, to 550 from 646
3 percent in Naples-Marco Island, to $518,800 from $537,200, as the number of homes sold fell 47 percent, to 26 from 49. However, the numbers from that region are skewed, as numbers from the Naples Area Board of Realtors and Association of Real Estate Professionals are not included.
14 percent in Punta Gorda, to $193,000 from $224,700, as the number of homes sold fell 25 percent, to 237 from 315."




5:58 AM 0 comments  

Thursday, April 19, 2007

Chicken Wings Chain Coming To South Florida

http://www.bizjournals.com/
"South Florida is to become home to at least 30 Hurricane Grill & Wings restaurants, a fast-food concept with a tropical atmosphere.

Hurricane Brand Holdings, LLC, a Stuart-based company, and area developer Alex Karas have hired The Prakas Group, a Boca Raton-based real estate brokerage to find sites in Miami-Dade, Broward and Palm Beach counties. "




6:00 AM 0 comments  

Sunday, April 15, 2007

New Restaurant For Vero Beach

http://www1.tcpalm.com/
"Indian River County residents might have some more dining options on horizon.
Public records show Orlando-based Rai Restaurants Inc., has purchased 1.7 acres on U.S. 1 in Vero Beach for $2.3 million. On Friday, company executives said the space would house a national casual dining eatery and retail center at the corner of 15th Street, across from Outback Steakhouse.

"I am 99 percent sure of the company, but I can't disclose that," said Ken Heimlich, senior vice president at Rai Restaurants about the restaurant. "We expect the space to have two uses, one will be a commercial space and we can also expect a casual dining restaurant." "



7:59 AM 0 comments  

Saturday, April 14, 2007

Kohl's Choosing South Florida Locations

http://www.miamiherald.com/
"Kohl's is inching closer to its long-awaited South Florida arrival.

The Midwestern department store chain known for its moderately priced apparel has given preliminary approval to at least five sites in Miami-Dade and Broward counties that are in the final stages of lease negotiations, according to local real estate sources.

The targeted sites: Kendall Town & Country Center, the former Mervyn's location on Palm Springs Mile in Hialeah, Fountains Shoppes of Distinction in Plantation and new projects planned in Miramar and Coconut Creek. The goal would be an October 2008 opening."




6:23 AM 0 comments  

Friday, April 13, 2007

Large Miami Real Estate Purchase

http://www.miamiherald.com/
"'Miami has moved from a second-tier city to a first-tier city,'' said Jubeen Vaghefi, a managing director at Jones Lang LaSalle in Miami who, along with managing director Tom Beneville in the company's New York office, brokered the deal. ``The perception is that it is a real growth market.''

Tishman Speyer did not make its return to Miami on the cheap. Neither Vaghefi or Beneville would disclose the sale price, but a person familiar with the deal said the New York company paid about $458 a square foot for the 327,000-square-foot office property. That is not a record for South Florida, but it ranks high."




5:50 AM 0 comments  

Broward Retail Building Sells

http://www.costar.com/
"Miami-based Continental Real Estate Cos. (CREC) acquired the 50,000-square-foot retail building at 11251 Pines Blvd. in Pembroke Pines for $5.3 million or $106 per square foot.

New York-based seller Coventry Real Estate Advisors was originally marketing this property as part of a larger portfolio deal, but CREC saw its potential due to its great location at the intersection of Pines Boulevard and North Hiatus Road. At the time of sale, this building was fully leased to two discount retailers, Home Goods and 99 Cents Stuff. "



5:48 AM 0 comments  

Singer Island Luxury Hotel Debuts

http://home.businesswire.com/
"The Resort at Singer Island, a dramatic and modern take on Palm Beach luxury, makes its grand debut today, welcoming guests to one of the most expansive oceanfront destinations on the Eastern seaboard. The 21-story, all-suite Resort at Singer Island is this newest member of Starwood Hotels & Resorts Worldwide, Inc.’s The Luxury Collection brand. The opening of this resort signals the renaissance of Singer Island, which was founded in 1920 by the scion of the sewing machine dynasty, into one of the most dynamic oceanfront destinations on Florida’s prestigious Gold Coast.

Positioned on one of the most pristine beachfronts on the Atlantic, nestled between Jupiter and Palm Beaches, the $210 million Resort at Singer Island is the largest luxury hotel real estate development in Palm Beach County since 1991. Each of the 239 condominium hotel suites offer between 800 and 2,100 square feet of living space in one and two-bedroom configurations, with a dozen different floor plan options. Suite interiors feature state-of-the-art kitchen appliances, luxurious marble bathrooms, stylish and comfortable living spaces with flat-screen televisions, Bose CD/DVD players and spacious balconies, all with water views. The resort also includes 66 private residential units. "





5:46 AM 0 comments  

Friday, April 06, 2007

Pembroke Pines Retail Building Sells

http://www.bizjournals.com/
"Continental Real Estate Cos. said it has bought a 50,000-square-foot retail building in Pembroke Pines for $5.3 million, or about $104 a square foot.

Originally built for Service Merchandise, the property, at 11251 Pines Blvd., was occupied by HomeGoods and 99 Cent Stuff following Service Merchandise's bankruptcy.


CREC considers the location - on the corner of Pines Boulevard and Hiatus Road, near the Pembroke Lakes Mall - is one of the most vibrant retail intersections in Broward County, according to David Moret, executive vice president and shareholder of the Coral Gables real estate firm. "




6:24 AM 0 comments  

South Florida Apartment Vacancy Low

http://www.miamiherald.com/
"The vacancy rates for South Florida apartments remain much lower than the national average, but there are signs monthly rent increases are starting to ease, according to a report released Wednesday.

Vacancies in Miami-Dade and Broward counties were both at 3.8 percent for the first quarter that ended March 31, according to numbers released Wednesday by Reis, a national commercial real estate watcher. That compares to 6 percent nationally, the highest in almost two years.

Average rental rates in the first quarter still rose to $1,058 in Miami-Dade, up 1.6 percent from the previous quarter and 5.9 percent from the same time last year. For Broward the average was $1,051, up 0.6 percent from the pervious quarter and 5.2 percent from last year. However, the pace of the increases is slowing."




6:18 AM 0 comments  

Wednesday, April 04, 2007

Vero Beach Retail Center For Sale

http://www.tcpalm.com/
" A "premier retail center" on State Road 60 at 6th Avenue in Vero Beach is on sale for $18 million, but the broker involved in the transaction remains tight-lipped on the center's exact location and the seller's identity.
"I can't discuss details because the terms of our agreement with the seller are confidential," said, a broker associate with Michael Thorpe Real Estate, Inc. "I can't divulge the location, I've clouded it because the seller doesn't want the tenants to know it's for sale."





6:31 AM 0 comments  

Miami Beach Hotel Sells

http://southflorida.bizjournals.com/
"French investor Claude Dray has bought a historic Art Deco hotel in Miami Beach.

As New National LLC, Dray acquired the 151-room, 11-story National Hotel at 1677 Collins Ave. Shutts & Bowen LLP represented New National in the purchase.


The seller was Florida Resort Management Ltd., a Florida partnership whose principal is Hans Krause. "




6:28 AM 0 comments  

Monday, April 02, 2007

14,000 Homes Planned For Okeechobee

http://www.palmbeachpost.com/
"The Naples-based developer has joined forces with the citrus company Evans Properties Inc. of Vero Beach to build the 14,000-home development where Okeechobee meets the St. Lucie and Indian River county lines.

Within two years, Barron Collier intends to start construction at The Grove, as it's been dubbed, and the first residents are expected to move in by 2010.

Like Ave Maria, The Grove will include its own fire station, parks and shopping. But, unlike Ave Maria, it won't have the Catholic component that Domino's Pizza billionaire Thomas Monaghan brought to that project near Naples."




5:48 AM 0 comments  

Uncertainty Surrounds South Florida Condo-Hotels

http://www.sun-sentinel.com/
"About 1,250 condo-hotel units have been opened in the past two years in Broward and Palm Beach counties, with another 2,500 units approved or under construction. That's a small number compared with the 15,500 units proposed for Orlando or the 32,800 going up in Las Vegas. But if condo prices continue to cool, buyers could walk away.

That hasn't happened yet, said Peter Hall, a broker at the W Hotel in Fort Lauderdale. But Hall said he knows of one partnership that had deposits on seven condo units in Fort Lauderdale. Faced with closing on all seven, plus maintenance fees and taxes, the partners balked. They unloaded the units to secondary buyers, but at "fire-sale prices," Hall said. "They got out for pretty much what they put in," he said."



5:46 AM 0 comments  

Saturday, March 31, 2007

Boca West To Expand

http://www.bocaratonnews.com/
"Continuing its pro-active facilities upgrade, Boca West has announced a $32.5 million plan to improve and add to spa facilities there. The plan adds to the $100 million spent on facility improvements there over the last decade – not coincidentally resulting in Boca West now being ranked the number one residential country club in the country and the number one country club in the state of Florida.

Boca West’s Chairman of the Board, Leonard Meyers, said the newest improvement/expansion would renovate the fitness center and Pavilion dining room, together with adding a state-of-the-art spa.

All of which adds to an already bright future, according to Lang Realty President/Broker Scott Agran, because Boca West has taken “a pro-active approach to the future.”



6:21 AM