PALM BEACH, FL-The market is seeing demand from investors for retail centers and new development, as new centers are able to pre-lease high percentages of their space. Meanwhile, retail is giving in and developing to meet demand where vertical residential demand is high.
LAUDERDALE-BY-THE-SEA, FL-Happy Hour Inc. of Fort Lauderdale sold the 15,767-sf, two-story building here for about $142.70 per sf. It was 100% occupied. Happy Hour paid $920,000 for the building a little more than five years ago.
BOCA RATON, FL-The $9.1 million, or 31 cents per diluted share, in second-quarter net income was up from $6.2 million, or 23 cents per diluted share, for the same time last year. Resorts sales also were up 38%, while total operating revenue jumped 44%.
MIAMI-The developer, a joint venture between SunVest Resort Communities and Hamilton Investment Group LLC, paid $31 million, or $155,000 per unit, for the 200-unit property to Trammel Crow. SunVest/Hamilton is converting the project into condominiums and changing its name to Da Vinci at Coral Gables.
CORAL GABLES, FL-Fleming's Prime Steakhouse & Wine Bar plans to open at the new 2525 Ponce de Leon building here by the end of the year, taking 8,659 sf of ground-floor space in the 250,000-sf, class A office building. The building is scheduled to open in August.
AVENTURA, FL-A limited partnership between Lauris Boulanger, Mark Rousso and Jose Norberto Saal, called 3030 Associates Ltd., purchases the 1.3-acre waterfront site from T&T Custom Marine and Land Acquisitions for almost $3.9 million. The project is slated for 45 units.
BOCA RATON, FL-This consists of a term loan with $200 million in principal, which the company intends to use to redeem its outstanding 9 7/8% senior subordinated notes, and a revolving credit facility with $125 million in principal, which the company plans to use to replace its existing facility maturing in June 2005 as well as for general corporate purposes.
HOLLYWOOD, FL-Tropicana Investors Inc. buys the 138-unit, 32-year-old property from Atlantic Resources Clarkson Emerald Green LLC for about $66,667 per unit. The complex, consisting of three two-story buildings, was renovated in 2000.
HIALEAH, FL-The former Winn-Dixie distribution facility, located just northeast of Miami International Airport, has a $13 million asking price. The owner purchased the facility 10 years ago and has made improvements and repositioned the facility as a multi-tenant building.