MIAMI-The 33-story, 334-unit, waterfront residential project, recently sold to DK/Equity of Florida LLC for $97.8 million and currently being converted to condos, has sold more than 100 units and has 60 more reservations being processed. Prices range from the $200,000s to $1 million.
PALM BEACH COUNTY, FL-While some submarkets have struggles, overall, absorption was positive 103,280 sf, leasing activity totaled 425,085 sf, and the overall vacancy rate fell from 7.7% at year end to 7.5% at the end of the first quarter.
BONITA SPRINGS, FL-The new orders value increased 91.6% to $458.9 million in the first quarter, while the company reported record backlog of $1.2 billion, a 54.7% hike, compared with the same period a year earlier.
MIAMI-The transactions, which total more than one million sf, include the $45-million, 709,413-sf Dolphin Commerce Center portfolio sale, the $24.6-million, 172,500-sf sale of the Telefonica building in Dolphin Commerce Center and the $12.5-million, 180,000-sf sale of the former Incredible Universe property.
FORT LAUDERDALE, FL-The division of Stiles Corp. has hired Marc Kopelman as investment equity director to help reach its objective of acquiring or assembling $1 billion in real estate from 2004 to 2008.
VENICE, FL-The shopping center REIT paid about $58.07 per sf for the 111,933-sf shopping center, anchored by a Publix supermarket, Beall's Outlet, Dollar Tree and Wachovia Bank.
MIAMI-The three leases signed, in each county in the tri-county area, are worth a total of more than $780,000. The stores committed to five-year terms and are scheduled to open in June and August.
CORAL GABLES, FL-The biggest project is the 60,000 sf of office space in the 70-story Offices at Four Seasons Hotel and Tower for HSBC Bank USA. Also, KM Construction is building out Steiner Leisure Management's 19,000-sf office space. The third project for the two-year-old construction firm is the 5,000-sf Fisher Island Day School.
FORT LAUDERDALE, FL-Don Winsett will be in charge of operations and growth of Stiles Landscape Co., based here. The company provides landscape renovation and maintenance for clients including commercial projects and luxury residential projects in Florida.
FORT LAUDERDALE, FL-Interloc Inc. paid $60,000 per unit to Fairfield Park Inc. for the 33-year-old, 120-unit community here. The property consists of four three-story buildings. Eighty of the apartments were recently renovated.