MIAMI-Two separate, unrelated transactions confirm the vitality of both the residential and office markets here. A nonprofit inked a lease for 35,000 sf, or nearly half of the 77,000-sf South Dade Tower 2, taking occupancy to 98%. Meanwhile, locally based Fortune Real Estate Development Corp. bought 130 acres near Lake Okeechobee for residential development.

The office lease is for a five-year term, and Jorge E. Pino Jr., principal broker at Coral Gables-based Pino, Fernandez & Associates Inc., tells the aggregate value of the lease is $2.3 million. The building is located Downtown at 10720 Caribbean Blvd.

Pino represented the tenant, Lake Valley, IL-based Kids Hope United, a 100-year-old provider of social services, in the lease negotiations. Mia Stierheim of locally based Abood Wood-Fay Real Estate Group/TCN represented the owner, Pinnacle Investment Properties Inc., in the transaction. Pinnacle is also based here.

Meanwhile, Fortune paid $1.5 million, or $11,538 an acre, for the Lake Okeechobee land parcel in one of the fastest-growing residential areas in South Florida. This transaction follows the company’s $1.1-million acquisition of property on US 441 here in late November. Fortune targets acquisitions for future residential and commercial development, including condo conversions and hotel condos.

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