The leasehold interest in Palm Beach’s Royal Poinciana Plaza was sold for $22.5 million.
A division of Boston-based WS Development acquired control of the lease for the shopping center in a transaction announced by the company on Thursday. Up Markets, the WS division, plans to take over all leasing and management responsibilities.
The Sterling Organization, which sold the leasehold interest, negotiated a 99-year lease with center owner Sidney Spiegel in 2008, according to the Palm Beach Daily News. It had managed the center for the last six years. Sterling retains a minority stake in the center without a say in its operations.
Sterling president and CEO Brian Kosoy confirmed the transaction but declined further comment when reached by the publication. [Palm Beach Daily News] — Eric Kalis