Southeast Fla. Business Briefs - March 2011
BOCA RATON — Ticketing company Hollywood Media sold its Broadway Ticketing business, including Broadway.com, to privately held Key Brand Entertainment for $45.1 million.
» Office Depot sold its Japan subsidiary, Office Depot Japan, to Kakuyasu and acquired Swedish office supply company Svanströms Gruppen from Mellby Gård. Terms of both deals weren't disclosed.
» In its second major acquisition in less than a year, jail operator GEO Group is acquiring Boulder, Colo.-based electronic monitoring company BI for $415 million.
» Tamarac-based City Furniture opened a superstore off I-95 for its City Furniture and Ashley Furniture HomeStore showrooms, employing 50, and built to LEED standards.
CORAL SPRINGS — Development company Stiles Corp. acquired for $14 million a partially completed Best Buy-anchored shopping center, Coral Landings III at Sample Road and State Road 7, by obtaining the note on the property and then foreclosing. It will resume construction of the property's second phase, which will include an Aldi discount grocery store to be completed by year-end.
DAVIE — Broward College broke ground for a new fine arts building on its Davie campus. Completion is scheduled for December.
FORT LAUDERDALE — Stiles Corp. sold its former headquarters, 300 Las Olas Place, in downtown Fort Lauderdale to mutual fund company Franklin Templeton for $30 million. Franklin leases most of the space in the 10-story building for its Fort Lauderdale-based operation. Other tenants include Raymond James.
» Allegiance Crane & Equipment and its private equity partner, Texas-based Prophet Equity, purchased the assets of General Crane USA and retained 100 General Crane employees.
» Port Everglades' largest container terminal operator, Crowley Liner Services, signed a 10-year terminal lease that brings additional acreage under its control.
» A federal appellate court rejected Dania Beach's challenge to a plan to extend the south runway at Fort Lauderdale-Hollywood International Airport. The decision removes an impediment to building the runway, which is hoped to alleviate flight delays when completed in 2014.
PALM BEACH GARDENS — Workforce Florida chose Palm Beach State College to house the latest Employ Florida Banner Center in Florida, this one dedicated to creating an industry-driven study and training program for use statewide to generate a pipeline of workers to fill life science jobs.
WELLINGTON — A federal jury acquitted Wellington polo club owner Glenn Straub and his company of EPA-driven criminal charges that he illegally filled a wetland. Straub, owner of Palm Beach Polo & Country Club, was removing invasive tree species from his Palm Beach County land, according to local government permits, when the federal government ordered him to stop.
WEST PALM BEACH — Billionaire Bill Koch, president of energy company Oxbow Carbon, will launch a non-profit college prep, private Oxbridge Academy of the Palm Beaches, in the fall. Robert Parsons, a former deputy superintendent and CFO at the U.S. Naval Academy in Annapolis, will serve as Oxbridge president and CEO. Neen Hunt, former head of The Calhoun School in Manhattan, will be the academic head of the school. Koch will provide free tuition for four years for select incoming ninth-graders and half scholarships to others based on financial need and reduced tuition for the rest of the founding class.