KBS Realty Advisors has acquired a mixed-use complex in south Florida for $30 million. An unnamed private investor sold the four-story property at 555 Washington Avenue in Miami's posh South Beach neighborhood. The art-deco complex, designed by Arcquitectonica, boasts a total of 64,617 sq. ft. in Class-A office and retail space. The property was developed in 2001 and is currently 79% leased by office and retail tenants. The anchor tenant is Warner Music.
American Property Hospitality Management has acquired a hotel located in Tucson, Ariz. for $31 million. The Westward Look resort property was sold by the Boutique Hotel Co. — Westward Look LLC. The 75-acre property, which features 16,500 sq. ft. of meeting space, three outdoor swimming pools and an upscale restaurant, is located on a refuge in the Sonoran Desert. The large site also includes surplus land that is zoned for future development.
BTG Advisors will counsel the First United Methodist Church on a $60 million, 200,000 sq. ft. mixed-use project, the church's eighth home in downtown Los Angeles. Plans call for a mixed-use development including housing, office space and a sky chapel. The project will also be developed according to LEED- certified standards. The new facility will be built on a church-owned parcel located at Olympic Boulevard and Flower Street.
