Billionaire Amancio Ortega pays roughly $110M for Miami Design District building

Spanish billionaire Amancio Ortega picked up a retail building in Miami’s Design District for roughly $110 million, beating out other prospective buyers including the owner of clothing brand Uniqlo. Ortega’s family office, Ponte Gadea, purchased Atlas Plaza at 130 Northeast 40th Street, sources familiar with the purchase told The Real Deal. It’s home to a Rolex store and Michael’s Genuine, one of the Miami Design District’s longest running restaurants, The deal closed on Wednesday, according to a source. Ponte Gadea paid about $60 million above the previous sale price roughly a decade ago.  A Newmark team led by Adam Spies […]This article originally appeared on The Real Deal. Click here to read the full story.