Tuesday, April 23, 2019

Kansas ethanol exec buys condo at Auberge Fort Lauderdale

Auberge Beach Residences & Spa Fort Lauderdale and Bob Casper, president of Poet Ethanol Products

Auberge Beach Residences & Spa Fort Lauderdale and Bob Casper, president of Poet Ethanol Products

The head of a Wichita, Kansas-based ethanol transportation company bought a condo in the newly completed Auberge Beach Residences & Spa Fort Lauderdale’s north tower for $8.6 million.

Bob Casper and his wife Arlene bought the 4,636-square-foot condo at 2200 North Ocean Boulevard for $1,855 per square foot, records show. The seller of unit 1601 was Quebec-based Camco Real Estate.

The unit is among the first — or possibly the first — resale at the luxury condo development in Fort Lauderdale Beach. Camco Real Estate closed on the condo in August 2018, paying $6.9 million, but it is unclear when it entered into a preconstruction contract to purchase it. It now sold for almost 25 percent more than its initial sales price.

Casper is the president Poet Ethanol Products, which is one of the largest ethanol marketing companies in the country, according to media reports. His company works with ethanol producers to provide transportation, logistics and marketing for their products.

The sale could signal strong demand for high-end luxury condos in Fort Lauderdale. It also marks a contrast from Miami where resale prices have dropped significantly amid a glut of luxury condos. Fort Lauderdale, meanwhile, has much less supply, so buyers have fewer options if they want to buy a luxury condo.

The Related Group, Fortune International Group and the Fairwinds Group developed the two-tower waterfront Auberge.

In March, the owner of the National Hockey League’s Florida Panthers Vincent Viola bought two units for $10 million.

Other buyers at Auberge include Citrix CEO David Henshall, former Miami Dolphins quarterback Dan Marino and Jacob Trouba of the Winnipeg Jets. Last year, the son of Salmar Properties founder Sal Rusi paid $9.3 million for a penthouse in the north tower.



from The Real Deal Miami https://therealdeal.com/miami/2019/04/23/kansas-ethanol-exec-buys-condo-at-auberge-fort-lauderdale/
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Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort

Jonathan Gray, Michael Dell and Boca Raton Resort

Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group.

The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 square feet of meeting space.

MSD Partners declined to provide a sale price, but it could be one of the biggest hotel sales to close in South Florida. At $1 million a key, the property could trade for more than $1 billion.

Jeffrey Davis and Gregory Rumpel of JLL are representing Blackstone. They could not immediately be reached for comment.

Blackstone invested more than $300 million into renovating the resort, designed by Addison Mizner, since it purchased it 15 years ago. It’s managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.

Blackstone picked up the Boca Raton property in 2004 in a $1.25 billion deal that also included Bahia Mar and Pier 66 in Lauderdale as well as two resorts in Naples.

MSD Partners is an investment adviser that was formed in 2009 by the Dell Technologies founder and principals of his private investment firm, MSD Capital. Dell’s firm was also rumored to be the buyer of 1 Hotel South Beach, but that deal fell through and the hotel ultimately sold to Host Hotels for $610 million, or $1.42 million per room, in February.



from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/billionaire-michael-dell-is-buying-the-1000-plus-room-boca-raton-resort/
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Terry Stiles’ widow sells Fort Lauderdale waterfront mansion for $10M

 

Terry Stiles and 776 Southeast 10th Street (Credit: Realtor)

Jamie Stiles, widow of the late commercial developer Terry Stiles, sold the couple’s waterfront Fort Lauderdale mansion for $10.1 million.

Stiles sold the 8,166-square-foot-estate at 1776 Southeast 10th Street for $1,242 per square foot, records show. The buyer is a Delaware company that lists its address as a Phoenix home owned by Mark Tkach.

776 Southeast 10th Street (Credit: Realtor)

Tkach is the CEO of RideNow PowerSports, which claims to be the largest motorsports dealer in the United States, operating over 42 dealerships across the country, according to its website.

The property has over 300 feet of water frontage and has six bedrooms and eight-and-a-half bathrooms.

Kelly Drum of Drum Realty was the listing agent for the property. It was listed in October for $13.2 million.

Terry Stiles was the chairman and CEO of Stiles Corp. He transformed Fort Lauderdale’s downtown, building the city’s tallest and most prominent office buildings. Stiles constructed the Bank of America Plaza at Las Olas City Centre in 2002 and AutoNation’s headquarters in 2006. The developer died in 2017 at age 70 after a lengthy battle with cancer.

At the time of his death, the company had built more than 43 million square feet of commercial and multifamily space across the country.

Records show the Stiles paid $8.17 million for the mansion in 2016.



from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/terry-stiles-widow-sells-fort-lauderdale-waterfront-mansion-for-10m/
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Virgin Trains closes $1.75B bond issue to fund expansion to Orlando

From left: Francis Suarez, Patrick Goddard, Richard Branson, Esteban Bovo and Ken Russell

Virgin Trains USA, formerly Brightline, closed a $1.75 billion private-activity bond issue to fund an expansion of its passenger train service to Orlando.

Investment banking firm Morgan Stanley was the underwriter for the bond issue purchased by 67 investors. A state agency, the Florida Development Finance Corp., approved the bond issue April 5.

Part of the Virgin Group founded by Richard Branson, Virgin Trains will use the bond-issue proceeds to fund construction of 170 miles of new track from West Palm Beach to an intermodal facility at Orlando International Airport.

Construction will start soon and is expected to conclude in 2022.

Virgin Trains, which also plans to extend its service in Florida to Tampa, has announced that it will operate passenger train service between Southern California and Las Vegas.

A subsidiary of Fortress Investment Group LLC, Virgin Trains last year launched service at downtown train stations in Miami, Fort Lauderdale and West Palm Beach.

“We have already seen firsthand the economic benefits our project has delivered in South Florida from revitalizing downtown Miami to spurring growth in Fort Lauderdale and West Palm Beach.” Patrick Goddard, president of Virgin Trains, said in a prepared statement. – Mike Seemuth



from The Real Deal Miami https://therealdeal.com/miami/2019/04/21/virgin-trains-closes-1-75-billion-bond-issue-to-fund-expansion-to-orlando/
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Monday, April 22, 2019

Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort

Jonathan Gray, Michael Dell and Boca Raton Resort

Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group.

The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 square feet of meeting space.

MSD Partners declined to provide a sale price, but it could be one of the biggest hotel sales to close in South Florida. At $1 million a key, the property could trade for more than $1 billion.

Jeffrey Davis and Gregory Rumpel of JLL are representing Blackstone. They could not immediately be reached for comment.

Blackstone invested more than $300 million into renovating the resort, designed by Addison Mizner, since it purchased it 15 years ago. It’s managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.

Blackstone picked up the Boca Raton property in 2004 in a $1.25 billion deal that also included Bahia Mar and Pier 66 in Lauderdale as well as two resorts in Naples.

MSD Partners is an investment adviser that was formed in 2009 by the Dell Technologies founder and principals of his private investment firm, MSD Capital. Dell’s firm was also rumored to be the buyer of 1 Hotel South Beach, but that deal fell through and the hotel ultimately sold to Host Hotels for $610 million, or $1.42 million per room, in February.



from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/billionaire-michael-dell-is-buying-the-1000-plus-room-boca-raton-resort/
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Terry Stiles’ widow sells Fort Lauderdale waterfront mansion for $10M

 

Terry Stiles and 776 Southeast 10th Street (Credit: Realtor)

Jamie Stiles, widow of the late commercial developer Terry Stiles, sold the couple’s waterfront Fort Lauderdale mansion for $10.1 million.

Stiles sold the 8,166-square-foot-estate at 1776 Southeast 10th Street for $1,242 per square foot, records show. The buyer is a Delaware company that lists its address as a Phoenix home owned by Mark Tkach.

776 Southeast 10th Street (Credit: Realtor)

Tkach is the CEO of RideNow PowerSports, which claims to be the largest motorsports dealer in the United States, operating over 42 dealerships across the country, according to its website.

The property has over 300 feet of water frontage and has six bedrooms and eight-and-a-half bathrooms.

Kelly Drum of Drum Realty was the listing agent for the property. It was listed in October for $13.2 million.

Terry Stiles was the chairman and CEO of Stiles Corp. He transformed Fort Lauderdale’s downtown, building the city’s tallest and most prominent office buildings. Stiles constructed the Bank of America Plaza at Las Olas City Centre in 2002 and AutoNation’s headquarters in 2006. The developer died in 2017 at age 70 after a lengthy battle with cancer.

At the time of his death, the company had built more than 43 million square feet of commercial and multifamily space across the country.

Records show the Stiles paid $8.17 million for the mansion in 2016.



from The Real Deal Miami https://therealdeal.com/miami/2019/04/22/terry-stiles-widow-sells-fort-lauderdale-waterfront-mansion-for-10m/
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Virgin Trains closes $1.75 billion bond issue to fund expansion to Orlando

From left: Francis Suarez, Patrick Goddard, Richard Branson, Esteban Bovo and Ken Russell

Virgin Trains USA, formerly Brightline, closed a $1.75 billion private-activity bond issue to fund an expansion of its passenger train service to Orlando.

Investment banking firm Morgan Stanley was the underwriter for the bond issue purchased by 67 investors. A state agency, the Florida Development Finance Corp., approved the bond issue April 5.

Part of the Virgin Group founded by Richard Branson, Virgin Trains will use the bond-issue proceeds to fund construction of 170 miles of new track from West Palm Beach to an intermodal facility at Orlando International Airport.

Construction will start soon and is expected to conclude in 2022.

Virgin Trains, which also plans to extend its service in Florida to Tampa, has announced that it will operate passenger train service between Southern California and Las Vegas.

A subsidiary of Fortress Investment Group LLC, Virgin Trains last year launched service at downtown train stations in Miami, Fort Lauderdale and West Palm Beach.

“We have already seen firsthand the economic benefits our project has delivered in South Florida from revitalizing downtown Miami to spurring growth in Fort Lauderdale and West Palm Beach.” Patrick Goddard, president of Virgin Trains, said in a prepared statement. – Mike Seemuth



from The Real Deal Miami https://therealdeal.com/miami/2019/04/21/virgin-trains-closes-1-75-billion-bond-issue-to-fund-expansion-to-orlando/
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