The joint venture purchased the 522,000-square-foot office building from PGIM Real Estate. No purchase price was disclosed. Square Mile Capital Management LLC originated the financing for the deal.

The Denison Corp. has won the first round in the case as Miami-Dade Circuit Judge Thomas Rebull recently denied an emergency motion filed by Kluger for future rent to be deposited in a court registry instead of going directly to the Denison firm.

Aventura Mall Venture, an affiliate owned by Turnberry Associates and Simon Properties, secured the financing provided by JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank.

Regency Plaza is currently 99% leased. Other tenants at the property include: Chuck E. Cheese, Coco Beauty Supply and Sakura Buffet. The property was originally built in 1973 and renovated in 2011.

Commercial construction totaled $23.8 billion between 2013 and 2017, yielding a total of more than 73 million new square feet of space. The last three years showed the strongest growth, with each year topping $5 billion and 16 million square feet of new commercial construction.

The transaction involves not only the building but the entire 72.5-acre site that includes a 12.3-acre container storage area, as well as a future development site covering 24.2-acres.

The financing deal was announced by Palm Beach-based lender Trez Forman Capital Group, which reports that National Realty Investment Advisors plans to build 14 luxury townhomes on almost two acres of beachfront property at 30 Briny Breezes Blvd. in Boynton Beach

New York City's hotel occupancy rate reached 86.6% in 2017 and is projected to hit 86.6% in 2018, far exceeding the national average of 61.6%.