John and Yoko Lennon were fond of Florida real estate to the point of owning a seaside mansion in Palm Beach County that they used as a vacation site in 1980. The same property was recently sold to a local equity investor by Palm Beach socialites for $23 million. The residential property, called El Solano, has some construction and ownership quirks that go back to a dispute in the 1920s that involved a member of the Vanderbilt family and a Standard Oil heiress.
The Florida city of Palm Beach Gardens apparently has some special perception of the image it wants to portray. It has gotten involved in a lease dispute between a mall owner and a mall tenant in which the city is supporting the mall's position that the types of stores in the mall must present a certain image of luxury and expensive taste. The posh Gardens Mall is currently in a dispute with an anchor tenant, Sears, regarding the right of Sears to sublet second-floor space to Dick's Sporting Goods.
Chances are good that as you make your way through your neighborhood, you don't give a second thought to the periodic sight of large green metal boxes -- above-ground transformers -- situated near the curb. That's largely because you might imagine that these transformers are solely the business of the local government and/or utility company.
Given that most of us are familiar with the concept of appraisals as they relate to residential real estate, we might be tempted to extend this same understanding to the realm of commercial real estate. In other words, we might think that appraisals are essentially the same regardless of whether we're dealing with residential or commercial real estate.
Parkway Properties Inc. has sold a six-story office building in Orlando, Florida. The buyer, a real estate investment company — IP Capital Partners LLC — is based out of Boca Raton, Florida. The selling price was $28.2 million. That equals out to approximately $174 per square foot. That means that Parkway Properties Inc. made a tidy profit of $2.6 million. It purchased the office building in August 2014.