EFTA02370139.pdf

From: Sent: Friday, August 29, 2014 4:28 PM To: jeevacation@gmail.com Just fyi Richard and Lisa Perry's daughter involved i= buying "control" of leasee position of Royal Poinciana Plaza=.. Royal Poinciana Plaza's management =hanges hands for $22.5 million COMMENT <http://www.palmbeachdailynews.com/news/news/loca=/sterling-sells-controlling-interest-in-plaza-for- 2/nhBjg/#cmComments> (2) 6 253 Related View Larger <http://med=a.cmgdigital.com/shared/It/It_cache/thumbnail/960/img/photos/2014/08/28/78/0d/1=2613- Plaza.jpg> <http://media.cmgdigital.com/shared/It/It_carhe/thumbnail/188/img/photos/2014/08/28/78/0d/102613-Plaza.jpg> adiv> A new company is in =ontrol of Royal Poinciana Plaza. Jeffrey Langlois / Daily New= File Photo By Darrell Hofheinz <http://www.palmbe=chdailynews.com/staff/darrell-hofheinz/> Daily News Real Estate Writeradiv> =div style="padding-top: lem; padding-bottom: 0.25em; border: 0px;=20outline: 0px; display: inline; font-size: 1.167em; line-height: =.5em;">A new company is in control of Royal Poinciana Plaza, =hanks to a $22.5-million deal announced Thursday. Up Markets =94 a division of Boston-area real estate powerhouse WS Develo=ment — paid Sterling Palm Beach for control of its =E2 leasehold interest" in the venerable shopping cente= at Cocoanut Row and Royal Poinciana Way, according to a =tatement released by the buyer. The new company will oversee =11 leasing and management operations. Since 2008, Sterling had m=naged the shopping center after negotiating a 99-year lease =80 including an option to buy — with plaza owner =idney Spiegel. Sterling will retain a "minority, non-control=ing" interest in the landmarked plaza and will have n= decision-making role in any of its operations, the statement=20said. Real estate investor Spiegel, who owns the plaza through=20a trust in his name, could not be reached. Sterling's =resident and Chief Executive Officer Brian D. Kosoy confirmed =is company's new role in a brief phone conversation b=t declined further comment. No residential plans for plaza<=strong> Samantha David, who heads Up Markets, said in the stat=ment that she knows the plaza well. She is the daughter o= New York hedge-fund manager Richard C. Perry and his fashi=n-designer wife, Lisa Perry, who have a home on the island.=/div> =E2 Growing up, having spent a great deal of time at th= plaza, I always admired its beautiful setting and historic =rchitecture. It is truly an honor to now have the opportuni=y to become the custodians of this one-of-a-kind property, an= we look forward to working with the community in order t= help the plaza better serve Palm Beach," David said.=/div> =ayor Gail Coniglio met with David about the impending deal =nd David assured her that the new management company had no=20plans to redevelop the plaza with a residential component, =oniglio said. Spiegel and the Sterling Organization had propose= doing just that several years ago, but those plans were =ithdrawn in 2010 after they encountered fierce opposition, in =art from residents opposed to new condominiums in the area.</=iv> De=olishing the long-shuttered — and since-landmarked —=20Royal Poinciana Playhouse was also part of the redevelopment =lans. David also assured the mayor that her company's fo=us would be attracting higher-end retail stores and other bus=nesses to the plaza, Coniglio said. EFTA_R1_01371326 EFTA02370139 Playhouse lease to rem=in in place She also said David told her that the com=any had expressed no intention to change the plaza's =elationship with the National Arts Institute, which does busine=s as the Palm Beach Performing Arts Center. That nonprofit =roup says it wants to reopen the Playhouse, and town offici=ls are monitoring those plans closely because of a controvers=al 35- year-old deed restriction — approved by the town =E2 involving how the theater space is used. "1 =99m optimistic but remain very watchful," Coniglio said =bout Up Markets' plans for the plaza. Established by Dav=d and WS Development, Up Markets "is focused exclusive'= on the ownership and management of high-end, unique retail =roperties," according to the company's statement. A=ong its projects are The Street in Chestnut Hill, Mass.; Hy=e Park in Tampa and Highland Village in Jackson, Miss. =OA Initial =alks with Sterling, which has its headquarters in the plaza, =egan a year ago, David's statement said. Up Markets will=20be "spending a great deal of time speaking to membe=s of the community over the coming months in the hopes of=20discovering in what ways the plaza can better serve the i=land," the statement said. WS Development is one of the =argest privately owned retail development firms in the country,=20according to its website. The company says it has more th=n 20 million square feet of retail space and an additional = million under development. Most of its properties are in N=w England. The plaza was designed by noted society architect Jo=n L Volk and opened in 1957. The Royal Poinciana Playhouse=20— also a Volk design — opened a year later =nd presented stage productions until it closed in 2004. =OA The mix=20of tenants includes restaurants, real estate agencies, fitness =nd beauty studios, medical offices, retail shops and a post =ffice. Sterling Palm Beach is part of the Sterling Organization,=20which has a porfolio of retail and commercial properties in=20Florida, Georgia, North Carolina, Texas, Virginia and Illinois..20In addition to Kosoy, its principals include Adam Munder an= Gregory S. Moross. - See more at: http://www.palmbeachdailynews.cominews/=ews/local/sterling-sells-controlling-interest-in-plaza-for- 2/nhBjetisthash.VOZp=Sww.dpuf 2 EFTA_R1_01371327 EFTA02370140