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MIAMI-Locally based Karlton Properties and the Athena Group of New York bought the 35-story, 399-unit property in south Miami Beach in June from Orlando developer Zom Inc. for $97.25 million or $243,734 per unit.
FARMINGTON HILLS, MI-Trammell Crow Co. converts a condominium building from a multifamily complex units to office use, selling five Pines Office Condominiums in four months. The niche is businesses looking for small spaces.
LONDON-Secretary of State for Trade and Industry Patricia Hewitt has confirmed the Northwest Development Agency's compulsory purchase order at Monsall, North Manchester. The decision will now open up 89 acres of land for development as part of Ask and Akeler's 395-acre North Manchester Business Park.
AUSTIN-The dispute is centered on the Millennium Building at 6504 Bridgepoint Parkway. Just months before the tenant change-out, Trilogy says it wants out of the lease commitment and is willing to pay National Instruments.
BEL AIR, MD-Greenbrier Shopping Center and an adjacent five-acre parcel sell to Mid-Atlantic Realty Trust for $25.5 million. Security Management Corp. developed the property--which is anchored by a 55,000-sf Safeway market and sits on a 14-acre plot--in the mid-1990s.
PHOENIX-Buyer Lippow Development of Martinez, CA closes the deal with proceeds from a San Francisco multifamily sale. The 14,539-sf acquisition at 3063 W. Agua Fria Freeway comes with a 20-year lease.
PHILADELPHIA-This will be the first of three planned warehouse/distribution facilities for the New York City-based developer's $50-million, 172-acre Fairview Industrial Park in the Harrisburg, PA metro market. Hanover, PA-based Conewago Enterprises is the general contractor.
MIAMI-Record revenues in bed taxes are set at $957,355 for June, up 1% from last year as gross taxable lodging revenues also rise 1% to $23.9 million. Hotel rates are up for first time since Sept. 11 but occupancy remains down at 61.1% for June, the latest audited month.
ORLANDO-Robert I. Earl, the $600,000-a-year chairman of the 11-year-old, locally based, celebrity-themed restaurant chain, denies any wrongdoing and suggests any investigation by the Securities and Exchange Commission will clear the company as well.
LONDON-Developers are turning off the flow of speculative development in the City of London as availability reaches new highs and take-up slows, according to new research from King Sturge.