With a goal of expanding its commercial building portfolio, Fortress Investment Group recently acquired a building on a renowned retail hub. Fortress bought the commercial property, located on Worth Ave, Palm Beach, FL, for $20 million. The company plans to upgrade it to accommodate modern office spaces.
The transaction gained a lot of critical acclaim across South Florida. The building lies adjacent to Hibiscus and Worth Avenue. Fortress acquired it because of its location and potential to generate revenue. The company relied on its affiliates (Hyde Retail Partners and Cold Spring Harbor) to facilitate the purchase. Fortress’ CEO and President, John Kean, said that his company looks forward to upholding the value of the classic commercial property. Read more at zoominfo.com about fortress investment group.
The building’s construction dates back to 1950 and features two stories with over 16,000 square feet of built space. Though the structure sold for less than the owners (Madden Family Associates) were expecting, they hope that it will add value to the business activities undertaken by Fortress Investment Group. Greg Matus, an investment sales expert, managed both sides of the purchase.
About Fortress Investment Group
Fortress operates as an investment management company located in New York City, NYC. The company’s founders include Randal Nardone, Rob Kauffman, and Wesley R. Edens. Fortress started as a private equity venture and later diversified into debt securities, real estate investments and hedge funds. Softbank, a leading Japanese tech investment firm, acquired the company back in February 2017 for $3.3 billion.
After Fortress Investment Group became an NYSE traded company in 2007, it made history being the first publicly traded private equity company in the US. The company has liquid hedge funds, credit funds and private equity alternative assets valued at over $70 billion under its management. The firm’s private equity investments include CW Financial Services, Penn National Gaming, Capstead Mortgage Corporation, and Eurocastle Investment Limited.
Fortress is notable for allocating private funds to the development of commuter rails in Florida State. Since it started operating in 1998, Fortress managed to gain several accolades. They include 2014 Management of the Year recognition by HFMWeek and 2014 Hedge Fund Manager of the Year recognition by Institutional Investor.