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South Florida Real Estate - Aug. 2005
>> North Miami is leasing 260 acres it owns to Swerdlow Group and Boca Developers for a 6,000-unit planned community, Biscayne Landing. Construction has begun on two initial 25-story towers. Property taxes and some sales proceeds from the big project will go to build or renovate affordable housing elsewhere in the city.
>> Boca Raton-based Gables Residential Trust agreed to be acquired by a private equity partnership led by ING Clarion Partners for $1.6 billion cash and the assumption of $1.2 billion in debt and preferred stock. Gables Residential says the buyout, at a 14% premium over the closing share price before the deal, marks the biggest private purchase of a public REIT in the apartment sector.
>> CRT Properties, another publicly traded REIT in Boca Raton, agreed to be acquired by investors managed by DRA Advisors LLC in New York for $937 million and the assumption of about $763 million in debt and preferred stock. The price is a 15% premium over CRT's share price before the deal.
>> PMG Collins LLC, a unit of Property Markets Group in New York, snapped up what PMG principals say is the last vacant oceanfront parcel on Miami Beach: 1.75 acres at 58th Street and Collins Avenue for $42 million. Construction began recently on a 21-story, 134-unit condo development called Mei.
