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MIAMI-STIC Partners LP, a joint venture between Stiles Corp. affiliates and Guggenheim Partners Real Estate, purchased the 418,404-sf SunTrust International Center from an affiliate partnership of Walton Street Advisors of Chicago. The price was not disclosed, but reports stated that the seller was seeking around $80 million for the building.
ST. PETE BEACH, FL-Cigna sells part ownership in Florida's legendary, 75-year-old pink palace for $300,000 per room. The Plasencia Group Inc. of Tampa, FL orchestrated the deal which took two years to complete.
CLERMONT, FL-The department store chain based in the Milwaukee suburb of Menomonee Falls, WI expects to break ground in 2004 on an estimated 90,000-sf store at a commercial center in Lake County, retail brokers and consultants in a position to know tell GlobeSt.com.
TAMPA, FL-The Jackson, MI-based REIT acquires the two-year-old, 127,000-sf Oak Creek Distribution Center from Oak Creek Distribution Center LLC for $36.61 per sf, about equal to replacement cost, area construction industry estimators tell GlobeSt.com.
TAMPA, FL-Marcus & Millichap first vice president and regional manager Steven M. Ekovich is convinced office employment growth in 2004 will improve the Tampa-St. Petersburg-Clearwater market and drive down vacancies from highs of 20% and 24% in some submarkets.
ATLANTA-Citing a largely undeveloped pocket 30 miles away in Henry County, commissioners voted 4 to 1 against Unified Residential's plan to develop a 164-home subdivision next to a sports shooting range owned by Brad Bradford Realty.
ORLANDO-New jobs and a drop in construction activity are expected to bolster the area's 140,000-unit inventory in occupancy, rents and sales, according to separate third-quarter studies by the local offices of Marcus & Millichap Real Estate Brokerage Services Inc. and CB Richard Ellis Inc.
BRADENTON, FL-South Florida syndicators Maurice Egozi and Alan Sakowitz bought the 289,110-sf, 26-acre Cortez Plaza here for $21.2 million in June 2002 and sold the 98.7%-leased shopping center in October of this year for $26.8 million.
ORLANDO-Taking advantage of a slight leasing recovery in the metro area's 90-milion-sf industrial real estate market, the senior directors in the local office of Advantis Real Estate Services Co. closed on transactions totaling 110,763 sf and valued at $4.2 million in a one-week period.