Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MINNEAPOLIS-New Jersey-based real estate developer Zygmunt Wilf’s $600-million deal to buy the Minnesota Vikings was unanimously approved Wednesday by the National Football League’s 32 owners. Texas businessman Red McCombs sold the team, which he has owned since buying it for $246 million in 1998.

McCombs has been frustrated in getting public support for a new stadium for the team, at one point looking into moving the team. Wilf, who would like to see a new stadium as the centerpiece for a larger development, says he will not move the team.

Wilf pledged at a news conference Wednesday the team would “be in the Minneapolis area forever,” according to the National Football League’s website. He said he is in negotiations with various sites in the Twin Cities area, not just one in Blaine that had been the focus of McCombs’ efforts. Wilf said he favors an open-air stadium so the team can create a home field advantage due to the cold, late fall climate. Before moving into the Metrodome in the early 1980s, the Vikings played outdoors at Metropolitan Stadium in Bloomington.

Wilf is the chief operating officer of Garden Commercial Properties in Short Hills, NJ. The company has 109 retail outlets totaling nearly 26 million sf and is the 17th-largest shopping-center owner in the US, according to the International Council of Shopping Centers. Garden Homes Development, the housing arm of the Wilfs’ business, builds houses and apartments in New Jersey, New York and California.

Wilf’s group of minority partners includes Arizona businessman Reggie Fowler, who was originally the general partner in the deal but came up short on financing. The sale is expected to be completed next month.

Wilf will cover 30% of the sale price. The other limited partners are Wilf’s brother, Mark, cousin Leonard Wilf and developers David Mandlebaum and Alan Landis.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.