Miami

Located at 1901 South Ocean Blvd., the project will be located on the land currently occupied by the Wright by the Sea Hotel. The hotel will be demolished at the end of April and construction will begin on Ocean Delray immediately thereafter.

The deal increases Blue Magma's Atlanta area portfolio to 3,000 value-add units purchased by the firm in less than four years at a cost in excess of $133 million.

In addition to Cinemark's theatre, phase two of Atlantic North will involve an additional 300,000 square feet of space to the property.

Herrera tells Globest.com the specific market dynamics that are keeping South Florida in such high demand with local, domestic and international players and what investors can expect in 2019.

The industry gaining the most jobs was professional and business services, which created 54,000 jobs, an increase of 4% of the industry's workforce.

Late last month, Bridge Development Partners acquired the 304,428-square-foot complex from Sherm Realty Corp., an affiliate of Weston, FL-based Apotex Corp. for $38 million.

Brass Enterprises acquired the recently developed 348-unit community in January from The Allen Morris Company of Coral Gables, FL in a deal valued at $107.6 million.

Some of the major developments underway at the project include the 85% sold Paramount Miami condominium tower, which is on-track for completion in May 2019.