MIAMI-MCZ/Centrum will pick up its option to buy the north and center towers of Flamingo South Beach Apartments for an aggregate $436.5 million. The JV nears the end of sales offers to existing tenants in the 14-story, 562-unit south tower.

JENKINTOWN, PA-The financial-industry specialty REIT reports adjusted funds from operations at $31.3 million and a net loss of $23.4 million in the opening quarter of the year. Following the report AFR's stock hit a 52-week low.

AVENTURA, FL-Triple Net Properties buys the 11-story office building at 18851 NE 29th Ave. for $345.40 per sf and continues to look at more properties in South Florida. The three-year-old asset is 87% leased.

CHAMBERSBURG, PA-The producer of flat-roll steel pays $5.2 million for the 150,000-sf building at 1530 Nitterhouse Dr. It will relocate and expand from 87,000 sf of leased space at another building in the 350-acre park.

MIAMI-Greater Miami Neighborhoods pays $6.8 million for approximately 2.9 acres at 3372-3380 NW 17th Ave. It plans to develop affordable housing, and the land is zoned for up to 450 residential units.

PHILADELPHIA-Construction begins at the long-vacant site of the former Meridian office building across from City Hall. The 48-story tower is designed to contain 280 units.

MIAMI-The mixed-use development Paramount Bay, rising on 2.7 acres, is the first of Royal Palm Communities' Planned Paramount brand. The total development cost reaches above $200 million.

MIAMI-The mixed-use development Paramount Bay, rising on 2.7 acres, is the first of Royal Palm Communities' Planned Paramount brand. The total development cost reaches above $200 million.