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Pilevsky Unit Buys 205,000-sf Retail Center

LAKE WORTH, FL-New York-based Philips Lake Worth Corp. pays $7.6 million in cash, or $37.07 per sf, for the Palm Springs Plaza neighborhood retail center in this Palm Beach County community 59 miles north of Miami.

By David R. Corder | Updated on June 22, 2001

LAKE WORTH, FL-A company controlled by New York-based real estate investor Philip Pilevsky has acquired the Palm Springs Plaza shopping center for about $7.6 million from Philips International Realty Corp.

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.

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