Acadia Realty Trust announced on Mar. 31 the purchase of a retail building at 225 Worth Avenue in Palm Beach County for $43 million. The acquisition doubles Acadia’s retail holdings in the area, according to records and real estate database Vizzda.
The transaction highlights continued investment activity along Worth Avenue, a well-known shopping corridor that has attracted major investors in recent months. The one-story, 9,900-square-foot property was sold by an entity linked to JSB Capital Group and is currently leased to luxury brands Gucci, G/FORE, and J.McLaughlin.
The price equates to $4,329 per square foot. In 2021, investor Mark Hunt acquired the same building for $18 million before it was later purchased by an affiliate of JSB Capital Group last year.
Other significant transactions on Worth Avenue include the recent purchase of The Esplanade luxury retail center by Reuben Brothers and Crown Onyx for $200 million. This two-acre property houses high-end fashion retailers such as Carolina Herrera and Hublot.
Acadia Realty Trust manages $6 billion in assets across 14 million square feet nationwide with a focus on open-air retail properties. In Florida, its portfolio includes centers in Lutz, Palm Coast, Tampa, and Lake Worth Beach’s Pinewood Square—a shopping center acquired last year for $68 million.
