The two-year-old Jefferson Palm Beach apartments in West Palm Beach have traded for $56.1 million. Jag Star West Palm, an affiliate of McLean, Virginia-based Jefferson Apartment Group, sold the 282-unit complex at 300 Courtney Lakes Circle to a joint venture between Dedicated West Palm Beach and GP Florida. The buyers own 92 percent and 8…
U.S. manufacturing activity expanded in June for the fourth month in a row, according to the Institute of Supply Management. Its Purchasing Managers’ Index increased nearly 2 percentage points to 53.2 — the highest reading since February 2015. Twelve of 18 industries reported increases in new orders and production. “Notably, exports (up from 52.5 to…
Merrimac Ventures President Dev Motwani has teamed with national multifamily giant Alliance Residential to propose a waterfront luxury apartment complex in Pompano Beach. The city’s Development Review Committee will meet on July 6 to consider the site plan and building designs for Broadstone Oceanside at 1333 S. Ocean Blvd. along the Intracoastal Waterway. It would…
The Villa Oceana apartment complex near the beach in Boca Raton sold for $55.5 million, a 255 percent gain from its last trade six years ago. The Laramar Group sold the 160-unit complex at 2519 N. Ocean Blvd. to New York-based TGM Associates. The seller was represented by Hampton Beebe, Avery Klann, Jonathan Senn, Dick…
A bold initiative that allows for residential construction in Miami’s Little Havana without parking got underway Thursday as Tecela broke ground on an apartment building. The project at 769 N.W. First Street will have only eight units. That level of density wouldn’t have been permitted on the 5,000-square-foot site under the previous zoning code because…
Construction cranes The first half of 2016 has been a mixed bag for South Florida’s construction industry, with spending on contracts ebbing and flowing depending on the month. But despite that volatility, a new report from research firm Dodge Data & Analytics shows the industry is still outpacing 2015 — albeit marginally. During May, developers…
Aerial view of Broward County (Credit: Katherine Kallergis) You might pass them during your morning commute on I-95: big, sprawling apartment complexes with names such as Luzano that sound more like they belong on the Italian Riviera rather than a plot of land in Pompano Beach. But while they may be the furthest thing from…
Menin Development made its third retail acquisition in Delray Beach this month with the $8.3 million purchase of an Urban Outfitters-occupied property on trendy Atlantic Avenue. Eassa Properties, managed by Ernest G. Simon, Roy M. Simon, Charles J. Simon and Alexander A. Simon Jr., sold the 11,073-square-foot store at 306 E. Atlantic Ave. to Palm…
Rendering of Holiday Inn Express & Suites Aventura (Credit: DLW Architects) Three years after announcing plans to build a Holiday Inn Express & Suites in Aventura, a pair of Tennessee investors have not been able to break ground on the 153-room hotel. In a recent lawsuit filed in Miami-Dade Circuit Court, Eliahu Ben Shmuel and…
Steelbridge Capital acquired the 270,000-square-foot SunTrust Center office complex on Las Olas Boulevard, the most expensive address for Class A office space in Fort Lauderdale. SunTrust Banks sold the two buildings at 501 and 515 East Las Olas Blvd. for $90 million, according to a source familiar with the deal. That equates to about $333…