Miami-Dade - Big Deals - Brief Article

South Florida CEO, Feb, 2003

Prime Spot: Gables CitiTower, an 11-story Class B office building located in Coral Gables' central business district at 999 Ponce De Leon Blvd., sold for $17 million to Brookwood Financial Partners. The 91-percent occupied building, with 124,931 square feet of rentable space and a five-story parking garage, was sold by UBS Realty Investors LLC.

Western Warehouse: Prim Fleming Warehouse paid $23.68 million -- $40 per square foot -- for a 591,754-square-foot warehouse on 22.55 acres of land, at 3400 NW 74th Ave., in Miami-Dade County's Commerce Park Grocery supplier Fleming Cos. has a lease on the building, which was last purchased by Miami-Fodoco Investors for $1 9.9 million in June 2002.

New Residential Land?: More than 8 acres of land at 11295 Biscayne Blvd. in Miami-Dade County sold for $4.01 million -- $11.24 per square foot -- to ADAA Development The land, located next to the Jockey Club and Cricket Club condominiums, has 25,025 square feet of buildings on it. The seller was Benz Investment Services, whose executives include James D. Evans Sr. and James J. Evans.

RELATED ARTICLE: DEAL SPOTLIGHT: MIAMI-DADE

Former Posner HQ: One piece of the ongoing battle between Victor Posner's various heirs was settled in January when Kariton Properties closed on a $22.4-million deal to purchase the Victorian Plaza, at 6917 Collins Ave. in Miami Beach. Posner once used the building as his headquarters, and had signed the contract with Karlton before his death. The building was owned by Victor Posner Trust Six, the beneficiaries of which are Posner's daughters, Tracy and Gail. The land under the building was owned by Security Management Corp., Posner's holding company, which is now controlled by his former girlfriend Brenda Nestor. All disputes have been resolved, and Karlton plans to convert the office building to condominiums, in part using a $30 million acquisition and renovation loan arranged by Holliday Fenoglio Fowler.