Coral Gables has acquired a Class-A office building for $42.25 million from Falcon Real Estate Investment Co. on behalf of its client, Strategic Real Estate Advisors, a London-based advisory firm. The four-story, 160,000 sq. ft. building is located in Boca Raton, Fla. and fully occupied by IBM. Built in 2001, the property sits on roughly 11 acres and is located in Palm Beach County. At the end of 2007, the building posted a vacancy rate of 13%.
McSam Hotel Group has acquired Northwoods Resort and Conference Center for $12.5 million from WWW Asset One Corp. The property is a 148-room hotel in Big Bear, Calif. Built in 1995, the four-story hotel is situated on roughly five acres within the village business district. Northwoods Resort and Conference Center also includes Stillwells Restaurant and Lounge, a gift shop, pool, whirlpool, sauna, exercise room and an outdoor amphitheatre.
Monarch Investment has acquired Cedaridge West and Sandalwood Apartments for a combined price of $9.2 million from Gold Crown. The two properties are located in Greeley, Colo. Cedaridge West and Sandalwood Apartments total 342 units. Cedaridge West is under a Housing Assistance Program contract and Sandalwood is a market-rate apartment property. The two adjacent properties were constructed in the 1970s.
