An investment group from Argentina operating under the name 418 Meridian LLC has purchased the former Plaza Hotel on South Beach for $5.5 million.
The seller was LeaseFlorida, which acquired the 20,809-square-foot property in 2012 after foreclosing on a $3 million mortgage, plus interest and fees. It has since made the building structurally sound and cleared up code violations, according to the South Florida Business Journal.
The property includes a three-story, 60-room hotel and a one-story apartment building. The foreign investors obtained a $2.78 million mortgage maturing January 18 from Meridian Lender LLC. They plan to renovate and reopen the hotel, which has been closed for several years, the Business Journal reported.
U.S.-based private equity firm Cerberus Capital Management LP has sold a 1,900-square-meter land parcel in Tokyo to Japanese general contractor Shimizu Corp, riding on the property market boom in Japan due to Abenomics.
West Loop Holdings, a joint venture of GE Capital Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corporation, has sold a senior housing portfolio in the U.S. to Griffin-American Healthcare REIT II.
A consortium spearheaded by Perennial Real Estate Holdings has agreed to purchase a Singapore office and retail tower from the Asia Real Estate Income Fund, which is managed by the Pacific Star Group, for S$970 million ($766 million).
Philips Pension Fund has sold the Symphony Offices to Deka Immobilien GmbH for approximately €215.1 million ($294.5 million), making it the largest real estate transaction in the Netherlands in 2013 to date, according to CBRE.