A roundup of the week's news in South Florida real estate.
Chatham Lodging Trust and Island Hospitality, two separate but associated companies, have signed a 10-year lease at the Esperante building in downtown West Palm Beach.
The firms are taking 27,516 square feet to consolidate operations from the town of Palm Beach. The move-in date is expected in the fourth quarter of this year.
The lease brings Esperante at 222 Lakeview Ave. to 87 percent occupancy.
Chatham is a hotel real estate investment trust with interests in 130 hotels. Island Hospitality Management operates 140 hotels.
D.R. Horton building homes in Greenacres
D.R. Horton says it has completed construction of three homes at Verona Estates in Greenacres.
One is a staged home that can be sold with the furniture. The two other homes are vacant. A fully decorated model home also is available for tours, though it's not for sale.
The 53-home Verona Estates is at 4770 Foxtail Court. The three- to five-bedroom homes start in the high-$200,000s and range from 1,588 to 3,173 square feet.
Buffalo firm signs North Palm Beach lease
A financial services firm has leased 2,555 square feet at Golden Bear Plaza in North Palm Beach.
Peak Reps/The Financial Guys of Buffalo signed a long-term deal at the plaza, 11770 U.S. 1. It's the firm's first Florida office. The Sperry Van Ness brokerage represented the tenant.
Douglas Elliman opens office on Las Olas
The Douglas Elliman real estate firm has opened an office in Fort Lauderdale, expanding its reach across South Florida.
The new location, the firm's ninth in the tri-county area, is at 450 E. Las Olas Blvd. Douglas Elliman, based in Miami Beach, opened offices in Boca Raton and Wellingtonlast year.
Frank Kirschner will lead the Fort Lauderdale office of 40 agents who specialize in high-end homes and condominiums. Like other Douglas Elliman agents, the Fort Lauderdale staff will be aligned with Knight Frank Residential, the United Kingdom brokerage, to work with clients overseas.
Fort Lauderdale apartments sell for $8.5 million
Mandalay Apartments, a 106-unit apartment complex in Fort Lauderdale, sold for $8.5 million.
A Miami-based company bought the property at 2115 W. Davie Blvd. from a Coconut Creek investor. Both parties were represented by Marcus & Millichap.
Multiple buyers bid on the property, Marcus & Millichap's Tal Frydman said in a statement.
"Higher prices and intense investor competition for apartments in Broward County are raising the probability for sellers to fulfill price objectives," he said.
Distribution company re-ups in Weston
KeHE Distributors has renewed its lease for 201,849 square feet at Meridian Business Campus in Weston.
The company will continue to occupy all of a two-story building in the complex at 3225 Meridian Parkway. The park is owned by Clarion Partners.
Avison Young represented KeHE. The firm said in a statement that the average industrial tenant in Broward occupies 29,000 square feet, and spaces for tenants needing at least 50,000 square feet are scarce.
Broward's industrial vacancy rates are at seven-year lows, so brokers are advising tenants in prime locations to renew their leases, according to Avison Young.
Powers@sunsentinel.com, 561-243-6529 or Twitter @paulowers
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