PALM BEACH COUNTY, FL-A recent survey of 196 centers with 50,000 sf or more shows the vacancy rate of the area's centers is down to approximately 5.2%, despite the addition of about 1.3 million sf of new shopping center space in the last three years. Also, the average asking rent for Palm Beach County centers rose 27.5% from $15.72 in 2001 to $20.04 per sf today.
MIAMI-One of the two condominium projects is planned for 43 stories in the prestigious Brickell area, while the other is planned for Mercy Hospital property, which Ocean Land Equities has signed an agreement to buy for $96 million.
CORAL GABLES, FL-Plaza San Remo, being developed here, consists of 100,000 sf on seven stories. Condos range from 1,200 sf to 20,000 sf and went for about $350,000 to $6 million total.
NAPLES, FL-In separate transactions, JP Morgan Investment Management Inc. of New York paid $42.9 million for the Reserve at Naples, a 300-unit property here, while BF Group LLC of Miami paid $28 million for the 293-unit Coral Club in Coral Springs.
FORT MYERS, FL-The BF Group, based in Miami, purchased the Majorca Apartments here from International Capital Corp. of Chicago for about $100,806 per unit. The new owner is planning to convert the five-year-old property into condos in its first conversion in the area.
DAVIE, FL-Miller Construction Co. and Moss & Associates LLC, which completed their first joint venture project this year, have begun preliminary site work for the planned 250,000-sf multi-purpose center.
MIAMI-The joint venture of the two locally based firms sold the six Florida shopping center portfolio to multiple buyers for $46 million more than it sold for a little more than two years ago. Included in the portfolio were Miami's South Dade Shopping Center, which sold for $23.9 million, and Miller Square, which went for $35 million.
DAVIE. FL-The company plans to finish Lakeside Town Shops, to be anchored by a 185,000-sf SuperTarget, in fall 2005. The property includes 68,875 sf of in-line retail space and about 4.9 acres for five outparcels.
NORTH MIAMI-Swerdlow Boca Developers, a joint venture between Boca Developers and Swerdlow Group, receives the financing through an out-of-state investment bank in a deal arranged by LJ Melody & Co. The $1-billion-plus luxury, mixed-use project's site is located on 193 acres.
HOLLYWOOD BEACH, FL-Two Chicago-based developers, Centrum Properties and MCZ Development Corp., are planning to convert Oceancrest Beach, their second local property, to condominiums, spending $20 million on renovations and the conversion. They also recently converted the 551-unit the Wave on Hollywood Beach.