City National Bank Plaza sold for $38M

City National Bank Plaza near Boca Raton was acquired by a local company for $37.6 million. The 132,598-square-foot building was sold by 7000 West Palmetto I LLC, managed by Morris “Skip” Stoltz II, to TJAC Palmetto Park LLC, an affiliate of Boca Raton-based TJAC Development. The deal included a $31.5 million mortgage. TJAC Development Principal…

Telecom company to add 50 jobs in new office

Granite Telecommunications has moved its West Palm Beach office to a larger location, where it plans to add 50 jobs. The Business Development Board of Palm Beach County helped the Quincy, Massachusetts-based firm land $250,000 in public incentives for the deal. The company was known as “Project Chop” in the incentives application approved by the…

The Wrap: Macy’s plans to close 100 stores and boost online investment, Boca office building could be torn down for multifamily project…and more

The Macy’s building in downtown Miami (Credit: Daniel Christensen) 1. Macy’s plans to close 100 stores and boost online investment [Miami Herald]2. Boca office building could be torn down for multifamily project [SFBJ]3. Real estate developer latest to be sued over doomed Fashion Mall [Daily Business Review]4. Lopsided housing rebound leaves millions of people out in…