Big deals: commercial real estate

South Florida CEO, April, 2003

Miami-Dade

Raleigh Sale: The 63,937-square-foot Raleigh hotel sold for $25.5 million to AB Green Raleigh of New York, whose principals include Barry Marcus and Andrew Cobler. Seller Florida Hotel Corp. had paid $4.1 million for the building in 1995; the 1.38-acre parcel of land, at 1775 Collins Ave. in Miami Beach, is leased. AB Green also paid $1 million for a nearby vacant parcel, purchased from Miami Hotel Corp.

Future Residential: Adrian Development Group, led by Pedro J. Adrian, paid $7.25 million--$2.77 per square foot--for 60 acres of residential-zoned land in Miami-Dade County, at NW 66th Street and 102 Avenue. Seller Section 17 Associates, led by Doran Jason, had paid $3.6 million for the land, assembled in four purchases in 2001 and 2002.

Broward

Miramar Warehouses:

Tampa-based Prologis paid $12.4 million for two warehouses in the Trammell Crow Industrial Center, at I-75 and Miramar Parkway in Miramar. The seller of the two warehouses, totaling 195,508 square feet, was Principal Life Insurance.

Sunrise Shopping: Sunrise Town Center, located at the northeast corner of University Drive and Oakland Park Boulevard, sold for $13.97 million to Dutch-based DIM Vastgoed. Cushman & Wakefield negotiated the deal for seller Pebb Enterprises Sunrise Town Center, based in Fort Lauderdale. The 128, 124-square-foot center is anchored by an L.A. Fitness and an Office Depot.

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Plantation Office: Centex Development of Dallas sold the 215,283-square-foot Southpointe I and Southpointe II office complexes in Plantation to an undisclosed private investment group for $31.5 million--$146 per square foot.

Boulis Estate Office Building: The estate of murdered real estate investor and Miami Subs founder Gus Boulis sold an office building and a vacant parcel, located at 1510 and 1540 SE 17th St. Causeway in Fort Lauderdale, to Mega Partners for $4.059 million. The embattled estate had purchased the 1.44-acre parcel and 28,150-square-foot building for $5.1 million in 2001.

Palm Beach

Oce Printing Building: Real estate investment trust Lexington Corporate Properties of New York paid $23.5 million for two office buildings at 5600 Broken Sound Blvd. in Boca Raton's Arvida Park of Commerce. The three-story, 96,863-square-foot building and single-story, 46,427-square-foot building are currently the headquarters for Oce Printing Systems.

Middleman Makes Money: In one day, Marquette Realty Partners purchased and sold an industrial building at 100 Marquette Rd. in Jupiter, netting $2.7 million. The company first purchased the 188,160-square-foot building from GE Medical Systems Information Technologies of Milwaukee, for $13 million. Marquette then sold the property to OLP Lake Worth of Great Neck, New York, for $15.7 million.

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From Fashion to Furnishings:

The owners of Plantation's Fashion Mall have embarked on a plan to turn the 150,000-square-foot mall into an interior design center, called Design World Center, featuring everything from kitchens to furniture, stone and marble. Among the 13 new tenants that have signed leases are El Kitchens, Vita Spa, Roma Marble & Granite, Culinary Concepts and Destination Kitchen and Bath. Clothing and other retailers will also share space with the home-focused stores, and movie theater company Muvico has signed a lease. Projected grand opening is this Spring.