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MIAMI-Locally based Cornerstone Group Development Corp. is building the 188-unit Laguna Pointe Apartments one mile from a redevelopment area where $150 million in mixed-use ventures are planned over the next five years.
ORLANDO-The former managing director of Florida for Advantis Real Estate Services Co. becomes president of T&M's Florida operations Jan. 1. His mission: To grow the firm's 4.5 million-sf Florida portfolio. Taylor & Mathis and Advantis are both Atlanta-based.
MIAMI-The Securities and Exchange Commission complaint charges the London-based accounting firm helped cell phone-site developer Pinnacle Holdings Inc. of Sarasota, FL set up $24 million in improper reserves of which Pinnacle capitalized $8.5 million in costs, including $6.8 million in fees paid to Pricewaterhouse Coopers.
ORLANDO-Sitting on the shores of Tampa Bay, the 130,000-sf, 99%-leased property was sold by Atlanta-based Watkins Group to Sun Point LLC for $4.75 million. The property is across the bay from St. Petersburg, FL and 80 miles west of Downtown Orlando.
ORLANDO-New York-based Bear Stearns Commercial Mortgage Inc. is funding the package on the 640,000-sf, 95%-leased International Drive shopping center for Orlando-based owner Estein & Associates USA, the American arm of the Germany-based investment group.
ORLANDO-The area's largest office contract of the year has the Australian-British-owned shipping logistics company taking the space for 15 years at an estimated quoted rent of $23 per sf in south Orlando.
ORLANDO-The Orlando developer paid Curry Ford Associates $3.1 million or $41.05 per sf for the 75,500-sf Curry Ford East and University Square Associates $3.35 million or $36.81 per sf for the 91,000-sf University Square Shopping Center.
MIAMI-The city has come back from November 1996 when elected officials declared a financial state of emergency with a projected accumulated deficit of $68 million or 25% of the budget for 1997. For real estate investors, the Standard & Poor's ranking to positive from stable is considered good news.
MIAMI-Mixed signals from a new Marcus & Millichap study predict the South Florida multifamily market will remain robust over the next 12 months despite projections of rising vacancy rates and rents and a construction slowdown.
ORLANDO-The Cranford, NJ-based developer netted $23.7 million or $79.68 per sf after deducting re-tenanting costs and credits for capital improvements to buyer Decade Properties Inc. of Brookfield, WI.
