"The sale of 25 West Flagler is a major deal in Miami, as the property has become part of a long-range redevelopment play."

Penn South Capital, a subsidiary of RAP Equities, has acquired a $37 million portfolio that includes 39 Clarkson St., a 40,000-square-foot, mixed-use office development.

Hollywood-based MG3 Developer Group bought the two-building office property at $290 a square foot.

The Fairfield, NJ-based commercial and real estate development firm completely renovated the 71,300-square-foot building with a new façade with enhanced energy performance including state-of-the-art lighting, glass curtain wall and computer-controlled extremely efficient heating and cooling systems.