MIAMI—The streetfront retail property Brooks Brothers and Juicy Couture occupies on 225 Worth Avenue has traded hands. The building sits in the prime high street retail district of Worth Avenue in Palm Beach, one of the wealthiest communities in the United States.
The building sold for $28.1 million to Love is Next Door, LLC, part of the Love Realty Group, which maintains a strong position in other high-end retail sites. Brooks Brothers occupies 6,000 square feet of the building. Juicy Couture occupies 4,000 square feet.
CBRE's National Retail Investment Group and Private Capital Group represented the seller, P/A Florida Associates. Jane Rankin, Esq. of the Kubicki Draper law firm, represented the buyer.
“This transaction exemplifies the strong global demand for luxury streetfront retail,” says CBRE senior vice president Casey Rosen. “Investor interest in 225 Worth Avenue came from a broad base of domestic and international capital sources attracted to a high-quality asset leased to globally known retailers in one of the world's most exclusive shopping districts.”
Built in 1950, the high street retail property is located in the heart of the Worth Avenue shopping district. Worth Avenue is home to some 250 high-end shops, boutiques, restaurants, and art galleries, including Tiffany & Co., Chanel, Salvatore Ferragamo, Cartier, Gucci, Neiman-Marcus, and Saks Fifth Avenue.
“The property is located on the prime '200 Block' of Worth Avenue, where vacancies are rare and tenant demand is strongest,” says CBRE first vice president David Donnellan. “This resulted in a highly competitive bid process, which played out due to the irreplaceable nature of this location.”
In addition to Rosen and Donnellan, the CBRE team representing the seller included Todd Weintraub, senior associate, and Dennis Carson, senior vice president. Rosen and Carson lead CBRE's National Retail Investment Group team for Florida from Miami. Donnellan and Weintraub are part of CBRE's Private Capital Group in Fort Lauderdale.
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