Coral Gables-based KAS Partners has paid $1.33 million for the Arbour Building in Pompano Beach, according to CBRE, which represented KAS in the deal. The 26,197-square-foot office building is located at 440 East Sample Road in Pompano Beach. “The price point is typical of the latest trends in the market, with stabilized Class B buildings trading above a 10 percent cap rate,” said Marty Busekrus, senior associate with CBRE. [more]

1000 Ponce

The 18,500-square-foot 1000 Ponce office building in Coral Gables has sold for $5.15 million, according to Gregory Matus, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office. The deal worked out to an average price of $277 per square foot. “This sale represents one of the highest price-per-foot closings for a Coral Gables multi-tenant office building since December 2009,” said Benjamin Silver, senior associate at the firm, who represented the seller along with Douglas Mandel, vice president for investments. [more]

The Palace, a luxury residential tower aimed at seniors, has topped out construction on the 243-unit project. The building, which was constructed by Coastal Construction, is located at 45 Andalusia Avenue in Coral Gables. “We are so pleased with the building’s progress,” said Jacob Shaham CEO of the Palace Group. “This a point when the many workers can be recognized for their efforts and are appreciated as the building is moving forward.” Work began on the project in the fall of 2011. — Alexander Britell

The Building

“The Building,” a new Class A office tower in Coral Gables, has topped off construction, according to Transwestern. The 58,000-square-foot property, which is located at 2990 Ponce de Leon Boulevard, is scheduled to open in June. Transwestern’s Walter Robinson, Laurel Oswald and Jennifer Lee Marcus are leading the exclusive listing for the landlord. Tenants including Zubi Advertising and Mas Group have already signed leases at the property. [more]

2525 Ponce de Leon

Law firm Hinshaw & Culbertson is relocating its office from Dadeland to 2525 Ponce de Leon in Coral Gables. The firm signed a 12-year, 22,416-square-foot lease, an expansion from their 15,597-square-foot deal at 9155 South Dadeland Boulevard. The Coral Gables office is located in a LEED Gold-certified, 12-story project downtown. Hinshaw & Culbertson will relocate in late March or early April of this year. — Alexander Britell

Former Miami Heat star Alonzo Mourning and his wife Tracy have listed their Coral Gables home for $14.5 million, the Wall Street Journal reports. The Mournings, who bought their home in 2005, are selling in a bid to downsize, according to William Meyersohn of Coldwell Banker, who shares the listing with fellow Coldwell agent Michael Williams. [more]

The Coral Gables City Commission has given Seaway, the operators of the historic Biltmore Hotel at 1200 Anastasia Avenue, one last chance to pay back $5.5 million in rent and golf management fees before it declares the hotel in default on its 99-year lease, the Sun Sentinel reported.
“We are giving them one last chance to come up with a plan that protects the city taxpayers’ interests, or we would have to declare a default,” said Mayor James Cason. Howard Berlin, an attorney for Seaway, said his client will do what is takes to avoid default.
Commissioners will make their final decision about the property Oct. 24 — more than two years after the Biltmore first stopped rent payments.  [more]

Coral Gables’ New Theatre has been purchased by Henry and Peter Torres of Astor Development, and is scheduled for demolition January 2012, the Miami New Times reported. The 100-seat venue on Laguna Street has been the 25-year-old theater company’s home for the last 10 years but will soon be transformed into a mixed-use residential and retail property, said New Theatre board chairman Steve Eisenberg.

“They did confirm that everybody had to be out and that there wasn’t additional time that we could stay in the property, because it was indeed slated for demolition,” Eisenberg said. “We are trying to talk to them about other alternatives… either if they are aware of any other properties that they have, or ultimately to come back into whatever they ultimately build.” [Miami New Times] [more]

The priciest new listing to hit the market today is a five-bedroom, five-bathroom single-family house at 8800 Cutler Road in Coral Gables that’s listed for $3.9 million, according to Condo Vultures Realty. The 4,800-square-foot, Miami-Dade County home was built in 1958 and sits on a 67,518-square-foot lot. It features a round swimming pool. Robert Lloveras of Land Realty Services has the listing.(Condo Vultures data includes condos and single-family listings in the main metropolitan areas of Miami, Fort Lauderdale, and West Palm Beach, as well as Monroe County, that are newly listed. Listings are taken from the South Florida MLS.) TRD

Villa Majorca, a 36-unit luxury rental community developed by FECR, opened today in Coral Gables, after receiving its TCO in early November. Residences include two- and three-bedroom-plus-den apartment and townhome units, beginning at 2,000 square feet, asking $2,295 to $3,500 per month. Each unit comes with two complimentary parking spaces, and a private balcony or garden courtyard. Villa Majorca also features a clubroom, a gym, a rooftop garden with a Jacuzzi, and a sun deck with outdoor grills. Villa Majorca also has a private limousine service offering residents free transportation to the Biltmore Club and the local airport. TRD