The Real Deal Miami

  • West Palm Beach’s CityPlace Tower fetches $150M

    KBS REIT II paid $126.5M for downtown office building three years ago
    August 22, 2014 09:45AM
    CityPlace Tower

    CityPlace Tower

    About four months after going on the market, CityPlace Tower in West Palm Beach changed hands for $150 million.

    KBS REIT II sold the trophy office building in West Palm Beach to an undisclosed buyer, the company announced in a written statement released on Friday. The Newport Beach, Calif.-based non-traded real estate investment trust paid $126.5 million for the 296,000-square-foot Class A tower in April 2011. Palm Beach County has not recorded the transaction. [more]

  • Top stories

    August 22, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. New York department store chain buys Design District property
    2. Hedge fund guru sells Miami Beach mansion for $14.5M
    3. Record Lincoln Road portfolio sale closes

  • Dealer who laundered cash through condos to be sentenced

    Álvaro López Tardón purchased 13 luxury condominiums in 2011
    August 21, 2014 05:15PM

    Spanish drug lord Álvaro López Tardón

    This week Álvaro López Tardón will be sentenced for laundering $20 million in cocaine profits through Miami’s luxury condominium and car markets. [more]

  • Existing home sales prices up in Broward, Palm Beach

    Demand for units in two counties also strong in July
    August 21, 2014 04:30PM

    images-2The median existing home price in Broward County hit $285,000 last month, a 3 percent increase, year-over-year, the Greater Fort Lauderdale Realtors announced.

    And in Palm Beach County, the median price for a home reached $280,000, a 4 percent jump from July 2013. [more]

  • Inside

  • Boca firm makes $100M deal for Walgreens buildings

    Herrick Co. also paid $190M earlier this year for 44 properties leased to CVS
    August 21, 2014 03:45PM
    Wlagreens and CVS

    Wlagreens and CVS

    Boca Raton-based Herrick Co. picked up 29 properties, all leased to Walgreens pharmacies, for $100 million. [more]

  • Jupiter woman loses corpse “explosion” suit

    Judge rules State Farm doesn't owe condo owner damages after body decomposed next door
    August 21, 2014 03:00PM

    imagesA Jupiter woman’s ongoing battle with her home insurer over “a leaking corpse next door” is now over.

    The 4th District Court of Appeal ruled not to reexamine its April decision in the suit between Judy Rodrigo’s and State Farm. Rodrigo claimed that when the owner of the neighboring condo died in 2007, she leaked bodily fluids “which infiltrated the walls,” damaging her unit. [more]

  • alternate<br /></a>text
    SLS Brickell rendering

    Stephen Bittel discusses Terranova’s $342M Lincoln Road deal. SLS Brickell construction trudges along. A look at IKEA’s new Sweetwater store. Read those stories and more after the jump.

  • Brandon Marshall puts Broward home on market for $4.9M

    Football star bought Southwest Ranches manse during brief stint with Miami Dolphins
    August 21, 2014 01:30PM
    16710 Stratford Court (inset: Brandon Marshall)

    16710 Stratford Court (inset: Brandon Marshall)

    Three years removed from a brief stint with the Miami Dolphins, football star Brandon Marshall wants to sell his South Florida home for about $4.9 million.

    The Chicago Bears wide receiver put an 11,000 square foot mansion in Broward County’s gated Southwest Ranches community on the market for sale, according to Thursday’s written announcement from Macken Realty, which is handling the listing. Marshall paid nearly $4.2 million for the six-bedroom home at 16710 Stratford Court in January 2010. The 2.5-acre Landmark Ranch Estates property has enough room to accommodate horses, which are prevalent in southwest Broward County. [more]

  • Delray Beach office building changes hands

    ICM Realty Group pays $8 million for property in Congress Office Park
    August 21, 2014 12:45PM
    220 Congress Park Drive

    220 Congress Park Drive

    A building in Delray Beach’s Congress Office Park changed hands for $8 million. [more]

  • Bankruptcy judge approves unusual Aventura office sale

    Partner with six percent stake in property initiated Harbour Center transaction
    August 21, 2014 12:00PM
    Harbour Center

    Harbour Center

    A bankruptcy judge approved the sale of an Aventura office tower that was acquired for $75 million in 2006.

    Judge Raymond Ray authorized the transfer of the 11-story, 214,000 square foot Harbour Center building at 18851 Northeast 29th Avenue. A partner who only had a six percent stake in the property was able to tap into a rarely used clause to avert foreclosure and sell the entire building – not just its share. Under the approved deal, a new buyer will pay off noteholder Wells Fargo and other creditors, restructure $45 million in debt and give the 30 stakeholders in the property about $2.3 million over the next five years. [more]