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MIAMI BEACH, FL-Saying that B and C level apartments may prove to be a more stable investment in a weak economy, CMS recapitalized the portfolio of apartments owned and operated by Fifteen Group of Miami.
NEW YORK CITY-As real estate investors increasingly seek stability amid economic uncertainty, less luxurious but more dependable B and C residential assets are looking better and better.
ATLANTA-As a thank you to the locals, Home Depot chairman Bernie Marcus is promising up to $200 million to create the Georgia Aquarium. The 250,000-sf complex will be located on 15.5 acres, and will house exotic fish and the like in more than five million gallons of water.
CARTERSVILLE, GA-The steel mill on Grassdale Road gets new owners for the second time in five years. The property, purchased by Alabama-based Birmingham Steel Corp. in 1996, will come under the ownership of Brazil's the Gerdau Group by Dec. 31, 2001.
TAMPA, FL-The Atlanta REIT values the 312-unit, 13-year-old Post Bay Apartments at $18.25 million or $58,494 per unit and the 240-unit, 10-year-old Post Court Apartments at $16 million or $70,175 per unit. CB Richard Ellis Inc. has the listing.
TAMPA, FL-The Apollo Beach facility, 80 miles west of Downtown Orlando, will use reverse osmosis technology to produce 25 million gallons per day of drinking water by December 2002.
ORLANDO-Jeffrey T. Morris and Jubeen F. Vaghefi who have teamed in $1 billion worth of transactions to date, are joining the New York-based firm's new Capital Advisors Group in Orlando.
ORLANDO-Palm Coast, FL-based Ginn Development Co. paid Lykes Brothers Inc. and Hyponex Corp. of Tampa, FL $10.6 million or $8,908 per acre for dirt near Montverde, FL in south Lake County, 30 miles west of Downtown Orlando. The developer plans a $100 million, mixed-use project on the site.
TAMPA, FL-The Houston-based REIT pays Georgia-based Sunset Associates an estimated $35 million or $125 per sf for the 100%-leased, 29-year-old, 273,000-sf Sunset Point 19 in nearby Clearwater, FL, 80 miles west of Downtown Orlando.