Real estate

South Florida CEO, July-August, 2007 by Yeleny Suarez

Chicago-based First Industrial Realty Trust and California State Teachers Retirement System paid $162 million for 537 developable acres at Palm Beach Park of Commerce, according to Linda Larrea, the attorney for seller Hans-Josef Vogler. The property has been renamed First Park South Florida.

Williamsburg, Va.-based real estate investment trust MHI Hospitality Corp., will pay $74 million for the Crowne Plaza SIAN Resort in Hollywood. MHI already owned the property's commercial space; it has cancelled plans for the hotel portion to be a condominium-hotel.

West Palm Beach-based NAI/Merin Hunter Codman Inc. will purchase Grand Bank Center in Palm Beach County for $21 million. The seller of the 46,300-square-foot office building is GLL Properties, a German investment company.

Kimco Realty, a retail REIT based in New York, paid $19.4 million for Corsica Square in West Kendall. The seller, Paradise Development Group, sold the 59,800-square-foot retail center just four months after its completion.