Winter Haven Farm in Ocala
An heir to the Wrigley’s chewing gum fortune listed his ranch in Central Florida for sale for $20 million.
The ranch in Ocala, called Winter Haven Farm, spans nearly 1,000 acres and comes with three houses, four barns and 52 stalls, plus storage structures and a grass-covered racetrack.
William Wrigley Jr. paid $24 million to acquire most of the property in 2005, then enlarged it by purchasing several additional pieces of land.
Gary Pohrer, an agent of real estate brokerage firm Douglas Elliman, shares the listing for Wrigley’s ranch in Ocala with Joan Pletcher, a local agent.
Pohrer told the Wall Street Journal that Wrigley has reset his expectations for selling the ranch after failing to sell it 10 years ago with an asking price of $85 million.
Pohrer also told the newspaper that Wrigley decided to sell Winter Haven Farm after shelving plans to turn it into one of the finest equestrian facilities in Ocala.
The current $20 million asking price is more comparable to pricing for similar properties in Ocala, including a 768-acre equestrian farm called Padua Stables, which is listed for sale with a $17.9 million asking price.
Wrigley left his position as chairman of Wm. Wrigley Jr. Co. in 2010. He is a former CEO of the company, a position he took after his father died in 1999. Wrigley is now CEO of a family investment office in Chicago called Wrigley Management. [Wall Street Journal] – Mike Seemuth
Source: The Real Deal Miami
Billionaire Stephen Ross, owner of the Miami Dolphins, is bringing another business to South Florida, a New York-based developer of websites and mobile apps called Crossfield Digital.
Crossfield’s business development director and its head of operations and project management are moving to CIC Miami, a co-working and office rental property at 1951 Northwest 7 Avenue in Miami.
From CIC Miami, the Crossfield employees will hire others and build the company’s Miami-area team.
Crossfield is a provider of digital business strategies and creative services to clients ranging from small private ventures to large publicly held corporations. Crossfield’s client base includes the US Open, President’s Cup and Red Bull Global RallyCross.
The expanding company is part of Related Sports and Entertainment (RSE) Ventures, which is owned by Ross, chairman and founder of New York-based real estate firm Related Companies.
“South Florida represents an ideal intersection of the markets we are especially equipped to service,” Ricardo Pellegrini, CEO of Crossfield, said in a prepared statement. [Miami Herald] – Mike Seemuth
Source: The Real Deal Miami
The Ritz-Carlton, South Beach before Hurricane Irma hit the hotel on Sept. 10
The Ritz-Carlton, South Beach notified the state government that the hurricane-damaged hotel will lay off 281 employees and remain closed indefinitely for repairs.
The 375-room hotel at 1 Lincoln Road in Miami Beach has been closed since Sept. 8, two days before Hurricane Irma made landfall in the Florida Keys.
The hotel’s general manager, Sase Gjorsovski, wrote in a Worker Adjustment and Retraining Notification filed Oct. 23 that the 281 layoffs will affect 14 massage therapists, 59 housekeeping workers and 49 food and beverage servers, among other employees.
The layoffs are effective Dec. 8 and considered permanent, according to Gjorsovski. He told the Sun-Sentinel no reopening date has been set for the hotel.
“The Ritz-Carlton, South Beach is working toward a full recovery and will be welcoming guests as soon as possible,” according to a notice posted Oct. 16 on the hotel’s website.
Some other hotels in South Florida also remain closed due to damage from Hurricane Irma, including the Sheraton Suites and Bahia Cabanas hotels in Fort Lauderdale. [Sun-Sentinel] – Mike Seemuth
Source: The Real Deal Miami
Clockwise from top left: Tesla is taking a new space in Los Angeles, Manhattan’s NoMad neighborhood is going to get a super tall building and WeWork is buying Lord & Taylor’s Fifth Avenue flagship.
Newmark Group files for $100M initial public offering
From TRD New York: Newmark Group filed for a $100 million initial public offering Monday in a bid to spin off from its parent company, Howard Lutnick’s BGC Partners. The filing with the U.S. Securities and Exchange Commission said the entity will include the commercial brokerage Newmark Knight Frank and the mortgage firm Berkeley Point and it will be listed on the Nasdaq under the symbol NMRK. Goldman Sachs, Bank of America Merrill Lynch, Citibank and Cantor Fitzgerald are affiliates on the deal. The New York-based Newmark Group generated revenues of $1.5 billion for the 12-month period ended June 30, 2017. Last year, NKF’s president Jimmy Kuhn said the brokerage quadrupled its revenue since it was acquired by BGC. [TRD]
Blackstone intends to double assets under management to $800B
The Blackstone Group is setting its sights on increasing its assets under management to around $800 billion in the next five years. That’s according to CEO Stephen Schwarzman who told Bloomberg on a quarterly conference call, “We have internal targets, plans, aspirations to basically double where we are.” The private equity firm had $387 billion in assets under management as of late September. That’s more than double the amount it oversaw five years ago. Real estate is the company’s largest business line, with $111.3 billion in assets under management. [TRD]
Nationwide, new-home sales hit 10-year high
Government data show that last month saw the biggest monthly gain in home sales since January 1992, due in part to a surge in the number of properties for which construction hadn’t yet started. The figures show 236,000 newly planned properties, the most since January 2007. The spike signals that residential building will strengthen in coming months, according to Bloomberg. The boom was concentrated mostly in the South, a possible reflection of growing demand following hurricanes Irma and Harvey. [TRD]
Major Market Highlights
WeWork bags Lord & Taylor iconic flagship for $850M for new HQ
Hudson’s Bay Company, succumbing to pressure unload its real estate assets, is selling Lord & Taylor’s flagship, a landmark 1914 building, to co-working giant WeWork and a partner for $850 million. WeWork Property Advisors — a joint venture with Rhône Capital, which is making a $500 million equity investment in HBC as part of the deal — is purchasing the 676,000-square-foot landmark building to become WeWork’s new global headquarters. The Real Deal first reported that WeWork and Rhône were raising several hundred million dollars for a real estate investment fund. Lord & Taylor will lease the lower floors, taking less than a quarter of its current space. The move is expected to hit after the 2018 holiday season. [TRD]
NoMad supertall at 262 Fifth Avenue gets approval from the city
The historic Manhattan neighborhood that some call NoMad — a nod to its location north of Madison Square Park — could be getting its first super tall building. Israeli developer Boris Kuzinez received approval from the city’s Department of Buildings for what could be the tallest building between Downtown and Midtown. Buildings on the lot have been demolished to make way for the 1,009-foot-tall tower with 41 apartments and an observation deck at 262 Fifth Avenue, according to New York YIMBY, which first reported on the DOB filings. [TRD]
Paramount Fort Lauderdale resi tower expected to sell out for $210M
The residential tower Paramount Fort Lauderdale Beach, which launched sales in 2014, is now completed and expected to sell out for about $210 million, broker Peggy Fucci told The Real Deal. The 95-unit, 18-story project at 701 South Atlantic Boulevard has three units remaining, including two penthouses asking $9 million and a unit on the amenity level asking $2.8 million. Records show 56 units have closed so far. About 15 percent of the building was sold to foreign buyers from Brazil, Mexico, Venezuela, Argentina and other countries, Fucci said. The project required 30 percent deposits, lower than the standard 50 percent required in Miami. [TRD]
Tesla takes 131K sf at Marina del Rey’s Omnicom building
Tesla is cruising into a new location in Los Angeles. Elon Musk’s electric car company signed a lease this month for the entire former Omnicom building at 4729-4755 Alla Road in Marina del Rey, The Real Deal first reported. Tesla will have 131,000 square feet of space across the four-story property, which sits on four acres of land. Tesla’s lease runs at least seven years and is valued at about $30 million, sources said. The building has been vacant since 2015, when former tenant ad agency Omnicom moved to Playa Jefferson. Grant Newman of Madison Partners, formerly of L.A. Realty Partners, was part of the listing team. [TRD]
Beverly Hills office trophy hits the market
A prized Beverly Hills office building that has not traded hands for more than 40 years hit the market last month. The Union Bank of California Building, a 97,000-square-foot building — with 24,500 square feet of street-facing retail space — has been owned by the limited partnership Beverly Union Company since 1978. The six-story building at 9460-9470 Wilshire Boulevard is 91 percent leased. Union Bank has been a tenant since it was built in 1959. The sale price of the building is expected to exceed $1,200 per square foot, Marc Renard of Cushman & Wakefield said. That would put the value of the building at over $116 million. [TRD]
Home billed as the country’s safest hits the market for $15M
A new home on the market in in Alpharetta, Georgia has all the requisite bells and whistles for an eight-bedroom mansion that’s 30 minutes from Atlanta, plus the superlative of being one of the safest homes in America. The Rice House was recently relisted for $14.7 million, down from its original $17.5 million, and is not yet complete. It was envisioned by a security architect who designed buildings for the U.S. Department of Justice for 20 years, and Bloomberg News reports the bedrooms have doors that can withstand fire from AK-47 assault rifles. There’s also a 15,000-square-foot bunker with its own power source. “This is a home where you could put a $20 million painting on the wall and sleep comfortably at night,” Paul Wegener of Atlanta Fine Homes Sotheby’s International told Bloomberg. [TRD]
Vail and Aspen consolidate their ski resort empires
Vail Resorts and Aspen Skiing Co. are increasingly dominating the ski resort industry, Bloomberg News reports. They’ve acquired 50 of North America’s biggest mountain resorts in the past five years. Vail’s latest moves include buying Vermont’s Stowe and, for $1.3 billion, Canada’s Whistler Blackcomb Holdings. Aspen partnered with KSL Capital Partners to make a $1.5 billion purchase of six ski resorts throughout Canada and the U.S. from Intrawest Resort Holdings. They also acquired four additional mountain properties in California and Utah. [TRD]
Source: The Real Deal Miami
The Bass reopens today after closing for more than two years for renovation work.
The Bass in Miami Beach, formerly known as the Bass Museum of Art, will reopen today after closing for more than two years for a $12 million renovation and reconfiguration.
The project expanded the museum’s operating space by 50 percent and increased the number of exhibition galleries from four to eight.
Among other upgrades, a large ramp in the middle of the museum was removed to make room for additional galleries and an enlarged lobby and reception area.
A patio, formerly outdoors, is now an enclosed court for events and art installations.
The educational center at The Bass was expanded to include a second classroom, a multimedia lab and a conference room that also can serve as a theater.
New York architect David Gault remodeled The Bass in consultation with Japanese architect Arata Isozaki, who designed an addition to museum that opened in 2001. The original building is an Art Deco-style landmark that opened in 1930.
A $7.5 million grant from the City of Miami Beach and $1 million of gifts from the Cejas and Lindemann families funded part of the cost of the museum remodeling project, which took twice as long to finish as originally estimated. The city owns the privately run museum.
The expansion and improvement of The Bass coincides with the museum’s curatorial diversification, which is adding contemporary art to its existing collection of Old Masters works. [Miami Herald] — Mike Seemuth
Source: The Real Deal Miami
Ashley Bosch, director of development at Rilea Group
A developer wants to tear down part a Sunrise shopping center and build an apartment complex in its place.
Ashley Bosch, director of development at Miami-based Rilea Group, told the Sun-Sentinel the project would be “a very good marriage” of retail and residential properties.
Rilea Group’s planned project would replace part of the Village Shoppes of Pine Plaza at the corner of Pine Island Road and Northwest 44 Street with a 288-unit apartment complex.
A brick paver walkway would connect the apartments to the movie theater, stores and restaurants at the 24-acre shopping center, owned by Global Fund Investments.
The Sunrise City Commission is expected to vote Nov. 14 on the proposed project.
The Sun-Sentinel reported that the proposed Sunrise project may be among the first in Broward County to shrink a shopping center to clear space for rental apartments.
Jesse Saginor, a Florida Atlantic University professor who specializes in development trends, told the newspaper the proposed multifamily housing development could be the first of many that address a shortage of developable land by building rentals at retail centers with high vacancy rates.
The Village Shoppes of Pine Plaza lost an anchor tenant in June when Winn-Dixie closed its supermarket there.
If Rilea Group wins city approval of its proposed project, construction could start late next year and be finished by the middle of 2020. [Sun-Sentinel] — Mike Seemuth
Source: The Real Deal Miami
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