One Fifty Worth Avenue Sells For $106 Million

, Daily Business Review

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Worth Ave.
Worth Ave.

New York-based Wilson 150 Worth LLC has paid $106 million to bag an upscale Palm Beach shopping center whose tenant list is a who's who of luxury retail.

In a deal completed Wednesday, Wilson purchased One Fifty Worth Avenue, a four-block shopping district anchored by Neiman Marcus and Saks Fifth Avenue with an array of smaller luxury retailers including Gucci, Louis Vuitton, Tory Burch and Pucci.

The 84,772-square-foot retail center on two acres was years in the making and has been a magnet for the tony town's luxury shoppers for decades.

Worth Avenue Associates Ltd. sold the retail landmark at 150 and 172 Worth Ave. to a company managed by New York-based O'Connor Real Estate Advisors LLC, on behalf of an undisclosed institutional investor.

The center was developed by the Goodman Co., a West Palm Beach-based developer that manages seven regional malls and 20 million square feet of high-end commercial real estate in Florida, New Jersey, Ohio, Pennsylvania and Virginia.

Goodman built it in multiple stages from 1978 to 2001, and since then the center has attracted a select group of luxury retailers and the celebrities, tourists and shoppers who love them.

Formerly called Esplanade, One Fifty Worth Avenue offers fine jewelry, couture and resort collections.

First to join its roster was Saks in 1980, and Neiman Marcus joined the mix in 2000.

A news release from O'Connor said Goodman will continue its involvement with the shopping center, but the property manager will be O'Connor Capital Partners, a New York-based real estate investment, development and management firm that manages more than 14 million square feet of retail space in the United States and Mexico.

"We are delighted to have participated in the acquisition of this truly unique asset located on one of the most prestigious and desirable avenues in the world," said Bill O'Connor, president and COO of O'Connor Capital Partners.

The deal includes the building at 151 Worth Ave., which houses Neiman Marcus.

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