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Fortune Buys 130 Acres; Five-Year Lease Fills South Dade Tower 2

MIAMI-In unrelated transactions, Fortune pays $1.5 million for land near Lake Okeechobee, and Kids Hope United inks a five-year lease for 35,000 sf, 45% of the building at 10720 Caribbean Blvd. in a lease valued at $2.3 million.

By Marita Thomas | Updated on December 09, 2004

MIAMI-Two separate, unrelated transactions confirm the vitality of both the residential and office markets here. A nonprofit inked a lease for 35,000 sf, or nearly half of the 77,000-sf South Dade Tower 2, taking occupancy to 98%. Meanwhile, locally based Fortune Real Estate Development Corp. bought 130 acres near Lake Okeechobee for residential development.

The office lease is for a five-year term, and Jorge E. Pino Jr., principal broker at Coral Gables-based Pino, Fernandez & Associates Inc., tells GlobeSt.com the aggregate value of the lease is $2.3 million. The building is located Downtown at 10720 Caribbean Blvd.

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