MIAMI-This year's rate of 15.2% is expected to stay the same next year but then drop the next two years, according to a recently released Miami office market report by Jones Lang LaSalle. The report also forecasts that average gross rental rates in the Miami area office market will drop to $22.76 per sf.
WESTON-Principal Global Investors, which bought the 96,342-sf shopping center for $13.2 million in December 1997, has sold it for $23.12 million. The buyer of the 7-year-old property was a West Coast-based pension fund.
MIAMI-The company has signed a 32,212-sf, class A office lease at The Plaza in Boca Raton. Sources say it's a 10-year deal. The 145,000-sf, 11-story office building is about 85% occupied.
MIAMI-The retailer's new locale is in a former Jacobson's department store building at Oakbrook Square shopping center in Palm Beach Gardens, FL. The center is owned and managed by Equity One of North Miami Beach.
MIAMI-Two South Florida deals totaling 200,000 sf have been completed with tenants Smith Terminal Warehouse Co. and DWD Warehousing, and a third for 50,000 sf in Medley, FL, should be completed shortly.
PEMBROKE PINES-Ravini USA has signed a lease for 15,601 sf of warehouse/distribution space here at Seneca Industrial Park. The five-year lease is valued at $526,959.
MIAMI-The oil spill clean-up cooperative leased 18,660 sf of warehouse space in Dania, FL. The renewal is worth approximately $325,000. The tenant has been located at Lakeview Center Warehouses for about eight years.
MIRAMAR, FL-The company bought the 100,000-sf, Publix-anchored River Run Center here from P. OB Montgomery of Dallas for $10.5 million, then sold it to Inland Real Estate for a higher price. Woolbright Development is responsible for some building adjustments.
MIAMI-The four new positions are the result of the company's increased volume of work, says John Geisen, president of real estate services for Codina Group. The brokers will specialize in office sales and leasing in Broward and Miami-Dade counties.
FORT LAUDERDALE-Robert Fernandez and Ken Miggins both have the title of senior preconstruction manager for the company based here. They will manage, coach and mentor workers in the Preconstruction Group while continuing to have hands-on involvement.
