Acadia Realty Trust announced on Mar. 31 the purchase of a retail property at 225 Worth Avenue in Palm Beach County for $43 million, according to records and real estate database Vizzda.
The acquisition doubles Acadia’s retail holdings in the county, reflecting ongoing interest in high-value commercial real estate along Worth Avenue. The corridor has recently attracted significant investments from other major players, including billionaire brothers David and Simon Reuben.
The one-story building spans 9,900 square feet and is currently leased to luxury fashion brands Gucci, G/FORE, and J.McLaughlin. The seller was an entity linked to JSB Capital Group of Miami Beach, led by Jay Lobell. The price equates to $4,329 per square foot.
Previously, Mark Hunt purchased the building for $18 million in 2021 before it was acquired by a JSB Capital affiliate last year. In a separate transaction this month on Worth Avenue, Reuben Brothers and Crown Onyx paid $200 million for The Esplanade shopping center two blocks away from their Vineta Hotel.
Acadia Realty Trust manages assets totaling $6 billion across 14 million square feet nationwide with a focus on open-air retail properties. In Florida alone, Acadia owns centers in Lutz, Palm Coast, Tampa, and last year bought Pinewood Square in Lake Worth Beach for $68 million.
