Wanxiang Sells Bristol Condo in West Palm Beach for $12M
Wanxiang American Real Estate’s Larry Krueger and 1100 South Flagler Drive (Wanxiang American, Compass)
Wanxiang America Real Estate sold a condo in West Palm Beach’s Bristol tower for $12 million, setting a price-per-square-foot record in the building.
Records show Wanxiang USA Holdings Corporation sold unit 1403 at the condominium at 1100 South Flagler Drive to Jason Horowitz as trustee of the LATOSUD Trust.
The selling entity is an affiliate of Wanxiang America Real Estate, the real estate investment division of Wanxiang America. Headquartered in Chicago, Wanxiang America Real Estate has a national portfolio of properties. Led by managing director Larry Krueger, it is one of the biggest real estate investors in Chicago. Crain’s Chicago Business dubbed Wanxiang “the quiet giant” of the city’s commercial real estate scene, as the financial backer behind projects like 300 North Michigan Avenue and One Chicago.
Wanxiang America is the U.S. arm of Chinese auto parts manufacturer Wanxiang Group.
Samantha Curry and Daniel Ekerold of Douglas Elliman had the listing, and Brooke Murphy and Kyle Blackmon of Compass brought the buyer.
1100 South Flagler Drive, unit 1403 (Compass)
The per-square-foot sale price equated to $3,364, a record for the Bristol, according to a spokesperson for Compass.
Wanxiang bought the condo in 2019 for $5.7 million, records show. The 3,575-square-foot unit has three bedrooms, three bathrooms, and one half-bathroom, according to property records.
The Bristol is a 25-story, 69-unit tower that was developed by Al Adeson’s Flagler Investors and Gene Golub. Units range in size from 3,600 square feet to 14,000 square feet. Construction was completed in 2019, and at the time marked the first new condo building in West Palm Beach in more than a decade.
Other buyers at the Bristol include titans of industry and heirs to famous fortunes. The former vice chairman of First Data bought a unit in the building for $16.5 million last year. One of the heirs to the Annenberg publishing fortune sold his unit for $7.8 million last year, shortly after the daughter of a drugstore mogul sold her condo for $16 million.
Aside from the Bristol condo, Wanxiang has made other recent plays in South Florida real estate. The firm joined forces with Related Group, BH Group, and billionaire Teddy Sagi to buy Fisher Island’s last condo development site for $122.6 million.The partners are planning a 50-unit luxury condominium project.
The South Florida luxury condo market has remained strong, even as recession looms and the real estate market overall has slightly cooled.
Earlier this month, a retail mogul bought a unit at the Four Seasons Residences at the Surf Club in Surfside for $21 million that last sold for $8.9 million in 2018. Also this month, the head of the gunmaker Kimber bought a unit in the Estates at Acqualina, a condo development in Sunny Isles Beach, for $21 million.
