Crocker Partners sold a landmark building on Palm Beach’s Worth Avenue for $30.7 million to Frisbie Group.
Frisbie plans to modernize the 50,000-square-foot Class A office building at 125 Worth Avenue with interior renovations, technological upgrades and new landscaping, according to a press release. It’s 83 percent leased to the Neiman Marcus Group, BB&T Bank, Ferretti Group and UBS.
HFF’s Hermen Rodriguez, Ike Ojala, Tracey Goo and Christina Kong represented Crocker Partners, and HFF’s Maxx Carney and Christian Griffith arranged the financing and represented the buyer.
It’s the first acquisition for the firm on Worth Avenue, managing director Robert Frisbie said. Nearby retailers include Gucci, Neiman Marcus, Saks Fifth Avenue and Ferragamo.
The building last sold for $13.65 million in 2004, according to property records. Crocker Partners later took over ownership of the selling entity, Whalou Properties III LLC, but it’s unclear how much the Boca Raton-based firm paid.
In March, the Amirsaleh Family Trust paid $19.5 million for the Via Bice building at 313 1/2 Worth Avenue and 320 Peruvian Avenue.
But even Worth Avenue isn’t immune to the struggling retail industry. Earlier this year, Cartier closed its store at 214 Worth Avenue, which was the French jeweler’s second in the U.S.
Frisbie is also in the midst of revitalizing a portion of Royal Poinciana Way, which is frequently referred to as the town’s Main Street. The project consists of six new two-story buildings with luxury retail on the ground floor and 7,000-square-foot luxury condos on the top floor.