The N.Y.-based real estate investment trust sold the 205,000-sf neighborhood center at 10th Avenue North and Congress Avenue for about $37.07 per sf to Philips Lake Worth Corp. This is the latest transaction between Pilevsky and Philips International Realty, a publicly traded REIT that is voluntarily liquidating its assets. Pilevsky also serves as the trust's chairman and chief executive officer.
Earlier this year, Pilevsky-controlled companies acquired two neighborhood centers in suburban Hialeah, FL from Philips International Realty. Those two centers contained about 282,117 sf of fully occupied net leaseable space.
The N.Y.-based REIT acquired the Lake Worth retail center in March 1999 for about $6.4 million and subsequently invested another $334,000 into the property, according to a shareholder's report filed with the U.S. Securities and Exchange Commission.
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