PALM BEACH, FL—Luxury retail in West Palm Beach is trading. O'Connor Capital Partners has acquired 150 and 151 Worth Avenue, a 142,000-square-foot luxury shopping center located on West Palm Beach's prestigious Worth Avenue.
New York-based O'Connor made the $106 million acquisition on behalf of an institutional client. The buyer assumed a $59 million CMBS mortgage.
Originally developed in phases by The Goodman Company from 1978 to 2001, Saks Fifth Avenue and Neiman Marcus anchor the luxury retail. The Worth Avenue shopping center is also home to a select group of luxury retailers that includes Gucci, Louis Vuitton, Tory Burch, and Pucci, as well as several other notable national and local tenants.
“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,” says Bill O'Connor, president & COO of O'Connor. Glenn Rufrano, chairman & CEO of O'Connor, says “The acquisition of 150 and 151 Worth Avenue is an exemplary transaction for us as it demonstrates O'Connor's strategic focus on acquiring high performing retail centers in the United States and Mexico.”
O'Connor will manage 150 and 151 Worth Avenue with Goodman's continued involvement. O'Connor currently manages in excess of 14 million square feel of retail assets throughout the US and Mexico.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
