Actor Michael Douglas Puts His Spanish Island Estate on Market for $32.7 Million

The 10-bedroom, 200-acre estate of actor Michael Douglas on the Spanish island of Majorca is listed for sale at $32.7 million

                                               Photo credit: Engel Voelkers, Majorca Westcoast

                                               Source: engelvoelkers.com

MAJORCA, SPAIN -- According to TopTenRealEstateDeals.com, the 10-bedroom, 200-acre estate of Academy Award-winning actor Michael Douglas on the Spanish island of Majorca is for sale at a listed price of $32.7 million.

Michael Douglas and wife,
Catherine Zeta-Jones

No stranger to real estate investment and development, Douglas began his real estate sideline at age 21.

Frederic Chopin

With the first money he ever made, working on one of his father’s films in 1966, he bought 70 acres of raw land in Vermont - which he still owns.

 Unlike many celebrity house flippers, Douglas holds on to his properties for decades.

Now at the age of 74, Douglas and Academy Award-winning wife, Catherine Zeta-Jones, have been spending their time between their homes in New York and Bermuda and rarely have the opportunity to visit their Mediterranean estate, S’Estaca, on the Spanish island of Majorca, which Douglas has owned for 30 years.

Audrey Hepburn

From 1838 when Chopin spent his winters there, Majorca has been the place to be seen for celebrities from the arts to politics.

In Hollywood’s heyday, Audrey Hepburn and Elizabeth Taylor vacationed at Hotel Formentor, which was also where Grace Kelly and Prince Rainier had their honeymoon.

 In more recent times that person who looks so familiar could be Gwyneth Paltrow, Harrison Ford, Noel Gallagher or Sting checking out the day’s catch in the local fish market. Douglas hosted many of his Hollywood friends at S’Estaca over the years, which is set up to sleep 20.

Filled with romantic history, and completely private on its almost 200 acres spanning the mountains to the sea, S’Estaca was purchased by Archduke Ludwig Salvator ofHabsburg in 1867 as a place where he could hide his paramours away from prying eyes and would transport them to the island via his steam-yacht the Nixe.

Elizabeth Taylor

For his cousin Archduchess Mathilde, his one great love, he had steps carved out of the rock so she could walk into the sea to swim.

Michael Douglas purchased the estate in 1990 and upgraded the seven separate buildings and grounds by pouring millions into the property.

With a total of 10,764-square-feet of living space, there are 10 bedrooms and 10 baths modernized to today’s luxury standards.

Included are large formal rooms, a library, gym, multimedia room, and a master suite with fireplace, terrace and sea views.

Grace Kelly

The exceptional grounds overlook the sea and contain a swimming pool, ancient olive trees, vineyard, terraces and Moorish pavilion.

A large wine cellar contains casks and bottle storage for wines that have been produced on the property.

With the estate abutting the port of S’Estaca, there is also a private pier and dock for yachts.

The listing agent is Eddy Barrera of Engel Voelkers, Majorca Westcoast.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Regency Centers Acquires Iconic Shopping Center at The Pruneyard in Silicon Valley, CA for $212.5 Million

Melinda Ellis Evers

CAMPBELL, CA (GLOBE NEWSWIRE) --  Regency Centers Corporation(“Regency” or the “Company”) (NASDAQ:REG), the preeminent national owner, operator, and developer of shopping centers, has announced the acquisition of 258,000 square feet of prime Silicon Valley retail located in the iconic mixed-use project known as The Pruneyard.

The purchase price for the retail portion of The Pruneyard was $212.5M.

James F. (Jim) Ellis

Originally built in the 1960s, The Pruneyard quickly became a Silicon Valley landmark, evolving over the years and recently undergoing a substantial renovation.

Anchored by Trader Joe’s, it is located at the highly-trafficked intersection of Campbell Avenue and Bascom Avenue, adjacent to State Route 17.

The Pruneyard sits in close proximity to the West Valley’s most affluent neighborhoods, drawing traffic from a significant portion of the area. In addition to the retail portion,

Craig Ramey

The Pruneyard also features a mix of unowned uses that include three office towers totaling 360,000 square feet and a 171-key hotel, which were not part of the transaction.

“The Pruneyard is an iconic destination, and an opportunity to be a part of something like this doesn’t come along very often,” said Craig Ramey, Regency Centers’ Managing Director of the Pacific Northwest, Colorado, and Northern California.

“We’re aware of the rich history of this center. This, coupled with a strong merchandising mix and terrific amenities, aligns very closely with the types of properties already in our portfolio.

"We want to ensure that The Pruneyard continues to build on its recognized position as a premier retail destination in Silicon Valley.”

Noah Shore

Regency currently owns and operates 28 properties within the Bay Area, including The Pruneyard. The Regency team is led by local industry veterans who are active members of their community, committed to the betterment of properties that serve the community.

Regency acquired the center directly from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC (“Seller”). 

Ellis Partners is retaining a minority interest in the new ownership and will continue to provide operating services, leveraging its deep local knowledge, expertise, and affiliations.

Bryan Ley

“We are pleased to collaborate with the Regency team as the vision for The Pruneyard is approaching full realization,” said Jim Ellis, Managing Principal, for Ellis Partners.

“We are grateful to the Fortress team for their partnership over the last five years. Their support and commitment to the entire mixed-use project has been a linchpin to our ability to revitalize The Pruneyard for the Campbell community,” said Melinda Ellis Evers, Managing Principal for Ellis Partners. 

“Regency brings a strong track record of experience and performance, and has a deep appreciation for the special nature and history of this property. We are confident in the continued successful operation of this center under Regency and Ellis Partners,” said Noah Shore, Managing Director and Head of Retail for Fortress.

      Eric Kathrein

The HFF investment sales team, led by Bryan Ley and Eric Kathrein, represented the Seller in the transaction.

The Pruneyard shoopping center, Campbell, CA, Silicon Valley

 

CONTACT:

Barry Argalas
Senior Vice President, National Transactions
904-598-7000
BarryArgalas@RegencyCenters.com

ellispartners.com.

Capital Markets Continue to Look Good for Most Borrowers

John Oharenko

Chicago, IL -- The Real Estate Capital Institute®  of Chicago reports June was another excellent month for borrowers. 

 Key rates moved down about twenty basis points.  The 10-year benchmark treasury continues trending lower, flattening in the two-percent range. 

Furthermore, lenders are holding spreads, resulting in permanent mortgage rates starting in the mid-three-percent range.  Overall rates dropped by nearly a half percent this past quarter.  A mid-year summary of lender profiles is as follows:

Add caption

GSEs/HUD:  Remaining among the most competitive sources for multifamily loans, agencies prioritize “green” and “affordable” loans. 

Agencies are also refining their "uncapped" and "capped" underwriting to reflect more balanced lending distributions.  Watch for more announcements as the government remains committed to privatizing the agencies. 

Meanwhile, the FHA is targeting more loans located within Opportunity Zones, including faster processing timelines and reduced fees.

Life Companies:  With no rate hikes in sight, Lifecos offer forward-delivery loans thru yearend, with minimal premiums.

  For lower-leverage debt priced in the lower-three-percent range (e.g., 60% LTV or less), life companies attempt to recapture yields, selectively increasing spreads by as much as twenty basis points.

Rate floor discussions resurface but lack widespread acceptance, as too much competition still exists.  Variable-rate loan demand is weak, as pricing starts at 225 basis points, climbing to nearly 400 basis points for more structured debt.

Wall Street:   CMBS debt origination to date is slightly higher than last year.   New origination is hampered by minimal refinance opportunities for stabilized assets. 

 Meanwhile, debt funds battle within an extremely competitive lending environment, even on higher leverage loans for properties in transition

Banks:  Like other mortgage lenders, banks scramble to find profitable loans in commercial real estate, while still maintaining underwriting discipline.  This lending sector traditionally remains the most competitive source for construction and short-term debt, where payment flexibility matters.

The director of the Real Estate Capital Institute®, John Oharenko, advises, "Three words describe CRE lending: Competition. Competition. Competition!"

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  

The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.

CONTACT:

John Oharenko 

john.oharenko@reci.com

Executive Director

director@reci.com / www.reci.com

 

^The   Real Estate Capital Institute^®

3517 West Arthington Street

Chicago, Illinois USA 60624

Miami Beach Entrepreneur Marc Lawrence Injects New Life into Forlorn Anglers Hotel

Marc Lawrence

MIAMI BEACH, FL -- Introducing Marc Lawrence of LBL Development Group, the real estate developer who owns the Anglers Hotel in Miami Beach, FL.

Anglers Hotel, 660 Washington Avenue, South Miami Beach, FL

According to marketer Katherine Fleischman, "This serial entrepreneur turned passion into project, and although he has his Masters in Real Estate law, Lawrence landed in the hotel industry inadvertently. 

Fleischman says, The Anglers "all started when longtime Miami Beach resident  Lawrence was working at The Related Group. To relax he would jog along the neighborhood, and while the rest of the area was being developed, he noticed a worn-down, neglected Mediterranean Revival building." 

Eric Lawrence

The original Anglers began as a simple 49-room condo/hotel conversion, and ran into headwinds due to market conditions, which forced the developer to return deposits when buyers couldn’t obtain end-loans. 

Other issues ensued such as renegotiating a bank loan, buying out partners, operational issues, evicting a restaurant tenant for not paying rent, and a global recession. 

After seven years of ups and downs, KHP (and Kimpton hotels) entered as a partner to merge the existing hotel with a newly acquired property to build phase two, adding 85 new rooms, complete with a rooftop pool, underground parking, retail space, a new lounge (Minnow bar), new restaurant (Seawell Fish and oyster), and renovations of the existing property. 

Miami Beach Mayor Philip Levine, 2013--2017

Fleischman says, "The (Anglers) hotel is currently a shining star on Washington Avenue. While other developers are beginning construction today, there are around 1,000 new units being built on Washington avenue, and the Anglers is once again the trendsetter on the block, leading the way for a new and improved Washington Avenue." 

Before the transformation, LBL ran the existing hotel and became top on TripAdvisor three years in a row, with a successful neighborhood Restaurant 660, inviting lounge, an expansive boutique feel, large rooms, brunch, and outstanding hospitality.

"Moreover, Lawrence has been on a mission to refresh and relaunch the deteriorating area of Washington avenue."

 Currently, Lawrence sits on the Washington Ave BID (Business Improvement District (the BID) as secretary). Under former Miami Beach Mayor Philip Levine (2013--2017), the city recognized that Washington Avenue needed help, and Marc’s brother Eric was appointed to the Blue Ribbon panel to incentivize developers to invest in and improve Washington avenue. 

Fleishman says, "After Lawrence worked tirelessly to change zoning and planning laws, Washington is in the middle of a revitalization, and armed with a 10 million dollar General Obligation Bond GO BOND to spend on a master plan, clean up, additional security, creating artistic street interactions and hosting concerts in the area. 





"The transformation of the community and interaction has been a top priority forLawrence."

Fleishman adds, Lawrence "can speak from experience" on trending topics, such as:

-Lessons on trials and tribulations of an entrepreneur

-How to evaluate and refresh the right area and property, while always having to be in step with the market

-How to reinvent yourself in the real estate game

-How to raise capital using connections with banks, architects, lawyers, and other professionals

Lawrence says, “We want to bring fun, exciting properties to the market and have a positive impact on the neighborhoods we build in. The mission is to continue in hospitality, add value, and create exciting destinations.”

Washington Avenue today

The suite section of the hotel includes rooms that are larger than most on Miami Beach and can accommodate longer stays. The Anglers includes fitness classes on the roof in the mornings, two pool hotel within the 17 duplexes, offering larger, cozier rooms with outdoor space, plus a nook and a cranny bar — Seawall Fish and Oyster. 

Lawrence says, "The life of a developer is spontaneous to say the least— every day is totally different. 

Washington Avenue, South Miami Beach, FL, in the 1950s before restoration and rejuvenation period began in the mid-1980s

"It can range from walking a construction site, meeting with a design professional, or GM regarding a celebrity in-house, attending city commission meetings, visiting a warehouse storing FF&E, and partner meetings all in the same day."

Katherine Fleischman

Adds Fleischman,  "Lawrence is not afraid to get his hands dirty and do anything that is required, including punching units in the morning and checking people in at night." 

CONTACT:

Katherine Fleischman 

katherine@superconnectormedia.com