Icon Realty Capital, led by Anthony Shafer, has locked down a $25.16 million construction loan for Icon of Palm Beach Shores, an approved condo building coming to the north side of the Palm Beach inlet. The financing was arranged by the Washington-based Construction Loan Services II.
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The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021
The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million.
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Brightline Reveals New Renderings of Recently Approved Boca Raton Brightline Station
Brightline continues to cement their expansion connecting South Florida by rail after Boca Raton’s Planning and Zoning Board approved the proposed design for the Boca Raton Brightline Station. Brightline revealed new renderings of the station where preliminary work on the site is already underway.
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Distressed Office Building In Lake Worth Auctioned On Ten-X For $5.5 Million
A distressed office building in Lake Worth, FL has successfully been auctioned on the Ten-X online auction platform as the sale reflects the low inventory yet high demand for distressed and medical office assets. JFK Medical Building, located at 4801 South Congress Ave. in Lake Worth, closed for $5.55 million.
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Forest Development Launches Sales At RDA Architects-Designed Nautilus 220 In Lake Park
Forest Development has launched sales at Nautilus 220 in Lake Park in North Palm Beach County. The waterfront project is alongside Lake Park Harbour Marina with 100 slips for boats up to 100', as well as easy inlet access for a variety of water sport recreation.
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CA Ventures Acquires Student Housing Complex In Boca Raton For $80 Million
The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital.
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Related Companies To Acquire The Phillips Point Office Complex In West Palm Beach
The New York-based Related Companies, led by Stephen Ross, is under contract to acquire the Phillips Point office complex in West Palm Beach for roughly $282 million. The seller, AEW Capital Management, acquired the property for $245 million in 2015. Related Companies will oversee asset management and leasing.
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Worth Avenue Tiffany & Co. Building Sells For $26.4 Million
A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm.
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Avison Young Secures Office Lease At Boca Raton’s North 40 To Relocate Meisner Electric Headquarters
Avison Young has secured a new long-term lease for 15,172 sq.ft. at North 40 in the Park at Broken Sound in Boca Raton, a two-building office complex. Meisner Electric, Inc. the tenant will relocate its corporate headquarters from Delray Beach to the space at 901 Yamato Road to accommodate future growth. During the lease transaction Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group. Meisner Electric also has offices in Miramar and Sarasota with a strategy to expand in other Florida markets in the future.
“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”
Boca Raton is one of the largest and more desirable office markets in Florida’s Palm Beach Country. According to Avison Young research, leasing activity was up countywide by a little less than 40% at the close of the third quarter following a tough second quarter with the country on a pandemic lockdown. COVID friendly office space is also now in high demand.
“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gary A. Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.”
Avison Young is a private company that provides value as a global real estate advisor. They provide healthy and productive workplaces for employees in cities that are prosperous.
Palm Beach Towers Home Hits The Market For $3.95 Million
44 Cocoanut Row, Unit 426B/427B, located in Palm Beach recently hit the market. Supply is dwindling on the tropical island as many North Easterners are relocating to Florida and shifting the demographics of buyers. The extraordinary home is in Palm Beach Towers, a luxury condominium development within the Breakers Golf & Beach Club.
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