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Miami-Dade Business Briefs - Sept. 2008
Coral Gables
Boston-based AEW Capital Management, a pension fund adviser, purchased 355 Alhambra Circle, a 16-story office building in Coral Gables. The property was previously owned by J.P. Morgan Investment Management. Sale terms were not disclosed.
» Led by ING Clarion, a group of European investors has purchased The Colonnade, a premier office building.
Miami
Four south Florida franchise owners representing 57 Burger King restaurants have sued Miami-based Burger King (NYSE-BKC), alleging that the company has violated the franchise agreement. The suit was sparked by the company’s demand that the stores open early and remain open until 2 a.m. on specific days for competitive reasons.
» TheStreet.com Ratings, which independently ranks financial services companies, mutual funds and stocks, has given Miami-based City National Bank of Florida an A+ rating, the firm’s highest grade for financial stability. Less than 1% of banks and thrifts in the U.S. receive that rating from TheStreet.com.
» The Hyatt Regency Miami has become a designated member of the Florida Green Lodging Program, which requires members to use various green practices. The designation enables the Hyatt Regency to receive business from individuals and organizations that demand eco-friendly lodgings.
» Enterprise Florida and the World Trade Center Miami have created an economic stimulus package for Florida manufacturers seeking to enter the export market for the first time. Qualifying companies will be offered various perks, including a $625 discount on an exhibit booth at the Americas Food and Beverage Show at the Miami Beach Convention Center from Sept. 24-26.
» The Florida Department of Community Affairs has objected to Miami’s push to remove port and zoning protections for the Miami River. In proposed amendments to Miami’s comprehensive land-use plan, the city had downplayed the role of the marine industry along the Miami River in a move that would benefit mixed-use real estate development along the river.
North Miami Beach
New York-based IStar FM Loans, filed a foreclosure suit against Marina Grande, a 468-unit condo project in North Miami Beach, according to the South Florida Business Journal. The unfinished project was developed by Boca Developers.
Business Beat - Week of May 3rd
