Wellington Equestrian Partners Buys 18-Acre Commercial Property Near Show Grounds
9 years ago StraightArrow Comments Off on Wellington Equestrian Partners Buys 18-Acre Commercial Property Near Show Grounds
WELLINGTON, Florida, Sept. 23–Wellington Equestrian Partners (WEP) that owns more than 500 acres (200Ha) of property including the Palm Beach International Equestrian Center announced Friday it has acquired 18 acres (7.23Ha) of commercially zoned land next to the show grounds.
The property includes a 20,000-square-foot (1,860 sq.m) commercial building and is directly across South Shore Boulevard from the former Palm Beach Polo Stadium that is being re-developed as the home of the Global Dressage Festival to be launched during the 2012 Winter Equestrian Festival.
The partnership last year bought a retail mall adjoining the commercial property.
WEP spent $200 million acquiring more than 500 acres of property and assets including PBIEC, surrounding properties and show licenses. The group, led by Mark Bellissimo, managing partner, has invested $25 million in capital improvements over the last four years and will spend another $5 million this year for the launch of the dressage stadium that includes six competition rings, a covered arena and permanent stabling.
Wellington Equestrian Partnership aims to transform the city of about 50,000 people into an equestrian lifestyle destination.
The centerpiece is 12 weeks of the Winter Equestrian Festival that attracts thousands of jumper, hunter and dressage participants from around the world.