Fortress Investment Group is a global investment and finance company that was established in 1998. In recent years, the company has been acquiring smaller firms from a variety of industries. One of the latest acquisitions by the investment and financial company is the purchase of a distribution center from Supervalu, and the transaction cost $66 million. The purchase is a part of the investment and financial company’s planned national portfolio deal, and according to reports, the agreement has a targeted value of $483 million. The facility that was purchased can be found in Pompano Beach, Florida, and it has an area of 769,000 square feet. The facility is also mortgaged through the Royal Bank of Canada, with a value of $68.41 million. The Associated Grocers of Florida sold the distribution center to the Fortress Investment Group. They believe that the selling of the Supervalu distribution center would allow them to earn more profit through third-party companies, and they are also planning to sell other facilities that are located all across the country. One of the locations was even traded for a staggering $100 million because it is conveniently located near the major cities of California. Other areas are priced according to many factors, but the ideal locations could sell for hundreds of millions of dollars.
The Fortress Investment Group stated that they developed an interest in purchasing the property after they found out about its location. They will be using the facility to be a distribution center for their subsidiary called the CF Grocery Distribution PropCo. The distribution center was constructed in 1972, and it was sold many times to different owners. The Fortress Investment Group is reported to be purchasing properties aggressively, right after they were bought by a Japanese conglomerate called the Softbank Group, LLC. The new management of the investment and the financial firm would want to experience the best of both worlds, as they are trying to invest in industries that are not traditionally related to investment and finance. SoftBank Group Completes Acquisition of Fortress Investment Group
The founders of the Fortress Investment Group, Peter L. Briger, Randal A. Nardone and Wesley R. Edens are currently serving different roles within the company. Two of the founders work as principals and co-chairmen of the board, while Randal A. Nardone is appointed as the company’s chief executive officer. A Force of Innovation: Two Decades of Fortress Investment Group
Together, they are working hard to make sure that the company that they established in the past would still be able to cope with a changing world. It is notable to mention that the company they created managed to survive the recession occurring in 2008, and with their combined efforts, they managed to get back on track and earn more profit from their investments. The company is also known for its role in the 2010 Vancouver Olympics. The founders of the company knew that the government of Vancouver would require assistance from other companies because of their limited financial capability. The founders of the investment and financial firm are the first ones to extend their support to the organizers of the event, and they were rewarded later on with the whole Olympic Village being under their assets. Hidden Fortress: Behind SoftBank’s $3.3B buy of the asset manager