Palm Beach - Corporate Real Estate Deals of the Month

South Florida CEO, August, 2002

* Arvida Park of Commerce: A 138,000-square-foot office building at 791 Park of Commerce Blvd. in Boca Raton's Arvida Park of Commerce sold for $21.7 million ($257 per square foot) to Schmier & Feurring Properties of Boca Raton. The seller, Berwin Property Group of Philadelphia, paid $6.8 million for the property in 1998; it is fully leased.

* Avalon Estates: Avalon Estates, led by David Ettinger and Scott Worley, paid $13.98 million for a 140-acre parcel of homebuilding land east of Florida's Turnpike and west of Hagen Ranch Road at Pipers Glen Boulevard. The seller, Whitworth Farms (owned by John I. Whitworth) of Boynton Beach, received approximately $99,800 per acre.

* II Villagio Penthouse: A partnership paid $4 million for a 3,150-square-foot penthouse unit ($1,270 per square foot) in Miami Beach's II Vilaggio, at 1455 Ocean Drive. Sellers Egon and Christa Putzi had paid $3.15 million for the unit in 2000. The partnerships executives are Thomas H. Morgan and Gary Fears.

* Estefan Equity: Gloria Estefan and husband Emilio Estefan Jr. have taken a $7 million home equity line of credit on their Star Island home. The Estefans paid $1.23 million for the house and its .91-acre lot in 1991, and have since expanded it from 7,317 square feet to 15,547 square feet.

* La Gorce Golf: A 10,853-square-foot house at 5800 N. Bay Rd., facing Biscayne Bay on 52,881 square feet of land, sold for $9.5 million -- $875 per square foot of house. Kenneth I. Starr, trustee, purchased the 11-bedroom, 10-bath home from Ventris Ventures Ltd. BVI. The house last sold for $5.65 million in 1999. The new sale price puts it among the top ten highest prices paid for a residence in Miami-Dade County.

* Lake Worth Mansion: Phyllis Fireman, wife of Reebok International chairman Paul Fireman, paid $11 million -- $742 per square foot -- for a 14,828-square-foot home on Lake Worth in Palm Beach. Owner Carolyn A. Buckley purchased the home, at 14 S. Lake Trail, for $3.58 million in 1987. The five-bedroom home was built in 1969.

* Palm Beach Intracoastal: Beatrix Prinzessin Von Anhalt of Bavaria sold a 10,808-square-foot house on the Intracoastal Waterway for $8.64 million, or $799 per square foot. The .91-acre site at 220 Banyan Road sold to Iris Cantor, through a British Virgin Islands firm called Boca Palm Beach Real Estate Inc.