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New Valley Looks to Invest $250M

MIAMI-The local firm seeks South Florida properties as part of its state growth plan.

By Carl Cronan | Updated on May 03, 2009

MIAMI-New Valley Corp. says it is looking to invest more than $250 million in South Florida real estate as part of its statewide growth plan. The locally based subsidiary of Vector Group Ltd. controls a broad portfolio of real estate investments nationwide, including hotel and condominium projects.

“We have conducted comprehensive market research and due diligence on all types of commercial and multifamily real estate, including bulk residential purchases and bank-owned investment opportunities throughout Florida,” says Vanessa Grout, vice president of acquisitions for New Valley. She says the company has identified numerous value-add opportunities in the greater South Florida area.

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