Real Estate Notebook: Gale Residences about 60 percent sold

News / 14.04.20160 comments

The developer of Gale Residences Fort Lauderdale Beach says more than 60 percent of the 129 condominiums are under contract.

Newgard Development Group is building the 12-story project at 2900 Riomar St., next to the former Escape hotel. The Gale has one-, two- and three-bedroom units from 800 to 2,100 square feet. Prices range from the $400,000s to $1.4 million.

Owners can live in the units full time or put them in a rental program provided by Gale.

One Sotheby’s International Realty is handling sales, which launched last spring. Groundbreaking is scheduled within the next 60 days, and the project is expected to open in winter 2017.

Brokers form new office-leasing firm

Three real estate brokers in South Florida have formed a new firm, Tower Commercial Real Estate.

Jon Blunk, Laurel Oswald and Cristina Glaria, all formerly of Cushman & Wakefield, say Tower Commercial will focus on leasing the most prestigious downtown office buildings in the tri-county region.

Last year, Blunk, Oswald and Glaria teamed to complete 71 transactions worth more than $230 million, earning them NAIOP South Florida’s 2015 Office Brokerage Team of the Year award.

Tower Commercial is based in Miami but also has offices in West Palm Beach and Fort Lauderdale.

Stiles properties win TOBY awards

Stiles Property Management said two of its properties won awards at the regional TOBY competition in Miami.

Plaza at Las Olas in downtown Fort Lauderdale won in the under-100,000-square-feet category. The building, at 301 E. Las Olas Blvd., is the corporate headquarters for the Stiles real estate firm.

Stiles’ Legacy Place in Palm Beach Gardens, at 11290 Legacy Ave., was honored among retail properties.

The Building Owners and Managers Association sponsors the TOBY (The Outstanding Building of the Year) awards to recognize the top commercial real estate properties.

Boca apartments get $50M construction loan

Ocean Bank said it has completed a $50 million construction loan that will finance 282 apartments at the Park at Broken Sound in Boca Raton.

The still-unnamed project is on 14 acres at the southeast corner of Congress Avenue and Clint Moore Road. The borrowers are Miami developers Sergio Rok and James D. Tate.

The apartment complex is expected to open in summer 2017. Rents have not been announced. The Park at Broken Sound was formerly known as the Arvida Park of Commerce.

Rental community sells for $24 million

The Bridgewater at Lake Osborne apartment complex near Lantana has sold for $24 million.

BLO Investors LLC bought the 108-unit property west of Interstate 95 along Lantana Road from an entity tied to Index Investment Group and Eastwind Development.

Index and Eastwind built the development overlooking Lake Osborne in 2012. Rents for the two- and three-bedroom units start at $1,579 a month.

Homebuying seminar planned

Lennar Homes will host a seminar for first-time buyers on April 23 in West Palm Beach.

Industry professionals will address the state of the housing market and offer tips on qualifying for a mortgage.

The event is from 10:30 a.m. to noon at Lennar’s Charleston Commons, 4335 Haverhill Road. Call 866-861-9713 for more information.

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