High End Retail In Miami, Palm Beach Changes Hands For Millions

A shopping center on Palm Beach’s ritzy Worth Avenue was acquired for $146 million.
New York-based O’Connor Capital Partners said it bought the 142,000-square-foot shopping center at 150 and 151 Worth Ave. on behalf of an institutional client. It was sold by West Palm Beach-based Worth Avenue Associates and Second Worth Company, which are managed by Goodman Properties and Lawrence Silvestri, to Wilson 150 Worth and Wilson 151 Worth, the affiliates of O’Connor Capital.
The buyer assumed a $81.5 million mortgage held by a commercial mortgage-backed securities (CMBS) trust.
Saks Fifth Avenue and Neiman Marcus are the main anchors of the property, which was developed in phases from 1978 to 2001. Other tenants include Gucci, Louis Vuitton, Tory Burch and Pucci.
Worth Avenue is one of the highest rent shopping areas in the U.S.
“We are delighted to have participated in the acquisition of this truly unique asset located on one of the most prestigious and desirable avenues in the world,” Bill O’Connor, president and COO of O’Connor Capital Partners, said in a news release.
In a separate transaction, a pair of New York real estate investors teamed up to acquire a Lincoln Road building in Miami Beach for $33 million.
Imperium Capital and Centurion Realty completed the first of what they hope to be many Miami-area property purchases. The companies announced the acquisition of a 10,000-square-foot building at 643-657 Lincoln Road on Monday. The building is currently occupied by French Connection, Ricky’s Cosmetics, Runway Swimwear and Sushi Siam.
Imperium is a real estate investment and development firm. Centurion is a real estate investor. The companies have made numerous Manhattan retail acquisitions, including the SoHo Apple Store building at 103 Prince Street and a retail condo at 465 Broadway.
 
Sources:  The Real Deal, SFBJ