Spanish billionaire Amancio Ortega outbids Uniqlo owner for Miami Design District building
Amancio Ortega's family office, Ponte Gadea, is set to purchase Atlas Plaza in the Miami Design District for $110M, beating out other wealthy buyers.
Spanish billionaire Amancio Ortega, owner of fashion giant Zara, is expanding his real estate portfolio with the purchase of a retail building in Miami's trendy Design District. According to sources familiar with the deal, Ortega's family office, Ponte Gadea, has outbid other wealthy buyers including the owner of Uniqlo, to acquire Atlas Plaza for approximately $110 million.
The building, located at 130 Northeast 40th Street, is home to a Rolex store and Michael's Genuine, a popular restaurant that has been a staple in the Design District for years. The deal is expected to close "imminently," according to sources.
Ponte Gadea's offer for Atlas Plaza is a whopping $60 million above the previous sale price roughly a decade ago, highlighting the increasing demand for prime real estate in Miami's booming Design District. A source revealed that commercial real estate brokerage Newmark was involved in the negotiations for the sale.
While Ortega's purchase will undoubtedly add to his already impressive real estate portfolio, it also marks a significant milestone for the Miami Design District. The upscale neighborhood has undergone a major transformation in recent years, attracting luxury brands and high-end restaurants, and Ortega's investment only solidifies its status as a premier shopping destination.
As for the seller, the current owner of Atlas Plaza will be walking away with a substantial profit, thanks to Ortega's hefty purchase price. It just goes to show that in the world of real estate, timing is everything.