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New York firm pays $58M for Wellington apartments Deal breaks down to more than $180,000 per unit By Sean Stewart-Muniz | March 07, 2016 10:30AM The Solara at Wellington apartment complex Affiliates of Phillips International, a New York real estate company , just paid $58 million to AEW Capital Management for the Solara at Wellington Apartments. Solara is a mid- rise apartment community with 320 units at 12535 South Shore Boulevard , directly north of the Palm Beach Polo & Country Club. It was first built in 1991 and has traded hands between firms several times since then, most recently in 2007 when California’s IMT Residential gave ownership of the apartments to Boston- based AEW Capital Management for an unknown price, according to Palm Beach County property records . AEW manages investments primarily on behalf of institutional and private investors. According to its website, the firm has about $34 billion worth of assets in North America. The company recently sold a trop...

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INDUSTRY GE delays opening of new building in Fort Point General Electric Co. has pushed back the expected opening of its new building overlooking Fort Point Channel by two years after deciding to break the headquarters project into two phases. GE vice president Ann Klee said in a memo Tuesday to Boston employees that executives expect the 12- story building , dubbed South Point , to open in mid-2021, compared with an earlier goal of 2019. Two older brick buildings , together dubbed North Point , will be renovated first, with the aim of opening them in the first half of 2019. GE has already started work on the two old buildings, originally part of a Necco candy manufacturing complex . But construction on the new building was supposed to happen concurrently with much of the Necco renovations. Now, GE will finish the Necco buildings and move employees into them before starting construction of the new building. GE expects it will take 24 months to complete the new structure. The ann...