X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAKE WORTH, FL-A company controlled by New York-based real estate investor Philip Pilevsky has acquired the Palm Springs Plaza shopping center for about $7.6 million from Philips International Realty Corp.

The N.Y.-based real estate investment trust sold the 205,000-sf neighborhood center at 10th Avenue North and Congress Avenue for about $37.07 per sf to Philips Lake Worth Corp. This is the latest transaction between Pilevsky and Philips International Realty, a publicly traded REIT that is voluntarily liquidating its assets. Pilevsky also serves as the trust’s chairman and chief executive officer.

Earlier this year, Pilevsky-controlled companies acquired two neighborhood centers in suburban Hialeah, FL from Philips International Realty. Those two centers contained about 282,117 sf of fully occupied net leaseable space.

The N.Y.-based REIT acquired the Lake Worth retail center in March 1999 for about $6.4 million and subsequently invested another $334,000 into the property, according to a shareholder’s report filed with the U.S. Securities and Exchange Commission.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.