The Real Deal Miami

Worth Avenue retail buildings sell for $146M

New York investor buys properties for institutional client
January 10, 2014 11:15AM

Neiman Marcus building on Worth Avenue

Neiman Marcus building on Worth Avenue

A New York investor has acquired two Worth Avenue retail buildings in Palm Beach for $146 million.

One of the buildings sold to O’Connor Capital Partners is occupied by Neiman Marcus, the Palm Beach Daily News reported. O’Connor purchased the buildings at 150 and 151 Worth Avenue on behalf of an undisclosed institutional client, the company said in a written statement. The seller was two companies tied to the Goodman Co., which originally developed the 150 Worth Avenue shopping center in 1980.

O’Connor is a real estate investment, development and management firm. Its acquisition also included a vacant property at 151 Peruvian Avenue.

Other tenants at the buildings include Gucci, Louis Vuitton, Saks Fifth Avenue and Tory Burch. The Goodman Co. has been retained to handle management and leasing. [Palm Beach Daily News]Eric Kalis