Miami
Integra Closes on Former Bank Atlantic HQ
The former Bank Atlantic headquarters has changed hands in the largest single-tenant vacant building sale in the Cypress Creek submarket in the last five years.
Foreign Investor Purchases Portfolio of Nine Warehouses in $2.2M Deal
Doral 58th Street Warehouses, a portfolio comprised of nine warehouse properties was sold recently, as announced by Douglas Elliman. The $2.2 million transaction was negotiated by Douglas Elliman Commercial Division Associate while CCIM Miami District Director Mitash Kripalani represented the seller, 58 Street Warehouses LLC. A foreign investor acquired the complex; however, the buyer’s identity was not disclosed.
Grover & Corlew Acquires 175-KSF Delray Beach Office Park
The Arbors Office Park in Delray Beach was picked up recently by Grover & Corlew, LLC for $20.15 million, according to a recent news release. 1615 Arbors North Associates, LLC and 1625 Arbors South Associates, LLC sold the two-building, 174,816-square-foot portfolio and CBRE spoke for the sellers in the transaction.
Howard Johnson Hotel Trades at Miami Airport
The new owner, LCP Hialeah Gardens Hospitality, is likely to rebrand the 259-key property.
Duke Realty Breaks Ground on First Building of Pembroke Pines Office Park
Construction works have recently started on a new four-story office building in Pembroke Pines, Duke Realty Corporation’s South Florida office announced.
Banco do Brasil Americas Adds 3 New Branches in SoFla
Miami-based Banco do Brasil Americas has signed leases for three new South Florida branches. The offices are located in Lighthouse Point, Aventura and one that is already in use in Doral. Senior Vice President Luciana Carvalho of Blanca Commercial Real Estate finalized the lease transactions with Banco do Brasil Americas. Financial terms of the agreements were not disclosed.
Coral Landings III Grocery-Anchored Center Sells for $33.7M
Coral Landings III a 176,575-square-foot, grocery-anchored retail center between Coral Springs and Margate has recently been sold, HFF announced. The company marketed the asset on behalf of the Fort Lauderdale-based seller, Stiles Corporation. Madison Marquette Realty Services purchased the retail complex for $33.7 million, free and clear of existing debt. The investment sales team was led by Senior Managing Director Danny Finkle, Managing Director Luis Castillo, Associate Director Nat Scarmazzi and Director Analyst Kim Flores.
FTI Consulting Signs 17 KSF Lease at One Biscayne
FTI Consulting Inc. has recently moved to One Biscayne Tower from Miami Center.
River Landing Development Builds 2M SF Mixed-Use Project in Miami’s River District
The district west of Downtown Miami along the Miami River is soon to see new large-scale development activity as preconstruction work has begun on the$300 million River Landing Shops & Residences mixed-use project in early 2015. Located at 1500 N.W. North River Drive, the site is on the north bank of the Miami River at walking distance from the Civic Center area that is home to the second largest health district in the nation. Despite being one of South Florida’s largest employment hubs, the area is under served in retail and apartments.
SunTrust Bank Tower Sold to South American Group for $140M
Also known as the SunTrust Bank building in Brickell, the 13-story waterfront tower at 777 Brickell Avenue changed hands recently. An undisclosed South American investment group purchased the property and CBRE Capital Markets closed the $140 million sale, marketing the office tower and an adjacent 5-story parking on behalf of an institutional investor advised by CBRE Global Investors. Based on a Property Shark report, Brickell Office Plaza Inc. was the last owner, who acquired the asset in late September 2002 for $44.5 million.