A single-story building that is home to three luxury retailers on Palm Beach’s famed Worth Avenue has sold for a recorded $43 million, more than double its previous sale price from 2021.
A limited-liability company affiliated with a Baltimore-based investment group, 225 Worth Avenue Holdings LLC, was on the seller’s side of the deal for the sale of 225 Worth Ave., according to the deed recorded March 31 at the Palm Beach County courthouse.
Another limited liability company, 225 Worth Owner LLC of Delaware, was on the buyer’s end, the deed shows.
The building was built in 1950 and has 9,932 square feet. That makes this one of the priciest Palm Beach sales in terms of the cost per square foot of commercial space, at more than $4,300 per square foot.
The site previously changed hands in 2021 for $18.04 million as part of a larger three-property deal with a grand total of $58 million. In the 2021 sale, Colorado real estate investor Mark Hunt acquired 219 and 225 Worth Ave. along with 375 S. County Road from the late Palm Beach property owner and landlord Burt Handelsman.
The building at 225 Worth Ave. is home to three upscale shops — Gucci, J.McLaughlin and G/FORE. The structure sits on the north side of Worth Avenue on a lot that measures about three-tenths of an acre, according to county records.
While Hunt originally controlled 225 Worth Avenue Holdings LLC, state business records show management of the company was amended in May of 2025. The updated officers are associated with JSB Capital Group LLC of Baltimore, a privately held real estate investment firm with offices in New York City and Miami, according to a news release for one of the firm’s recent acquisitions, which was unaffiliated with Palm Beach.
The Delaware entity 225 Worth Owner LLC is affiliated with Acadia Realty Trust, a publicly traded company based in Rye, New York, according to state records.
The deal was arranged by Adirondack Capital Partners, whose Brittany Feinberg and Michael Hunter Coghill represented both the seller and the buyer, the company said in a news release.
“This transaction highlights the extraordinary investor demand for trophy high street retail assets in premier global shopping destinations,” said Brittany Feinberg, who is a partner at Adirondack Capital Partners. “225 Worth Avenue is a generational asset positioned at the center of one of the most exclusive retail corridors in the world. Its irreplaceable location and limited supply of comparable properties drove exceptional interest from investors.”
Opportunities are few and far between when it comes to buying commercial properties on Worth Avenue, Feinberg said in the news release. Because assets of this caliber rarely trade hands, when they do, they attract significant demand, she said.
“Worth Avenue has emerged as a top-tier institutional trophy corridor. The massive influx of ultra-high-net-worth residents and businesses relocating to Palm Beach has fundamentally transformed the demand profile for retail here,” Feinberg said.
With property on Worth Avenue, buyers get not only a stable income stream, but also the opportunity to see meaningful growth in rent, she said.
“The combination of irreplaceable real estate, world-class luxury tenancy, limited supply, and a rapidly expanding consumer base makes this one of the most compelling long-term holds in retail real estate today,” Feinberg said.
Handelsman had purchased 225 Worth Ave. through his Love is Next Door LLC in September 2013 for a recorded $28.1 million, property records show.
The building is well-positioned for shoppers — near the east end of Worth Avenue’s 200 block and close to major redevelopments that are poised to begin this summer at 151 Worth Ave., home of a former Neiman Marcus department store, and at The Esplanade shopping center at 150 Worth Ave., where the shuttered Saks Fifth Avenue was for many years an anchor.
The Esplanade, which takes up much of the south side of Worth Avenue’s ocean block, sold for $200 million in a deed recorded March 26 in Palm Beach County.
Another Acadia-affiliated limited-liability corporation, Pinewood Square Owner LLC, on March 31 mortgaged the Pinewood Square shopping center south of Greenacres on the southeast corner of Jog and Lantana roads for $45 million with Wells Fargo Bank National Association, according to county records. That 204,000-square-foot shopping center includes a HomeGoods, TJ Maxx, Ross and Five Below, along with several outparcels, according to Acadia Realty Trust’s website.
(This story was updated to add new information.)
Kristina Webb is a reporter for Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach her at kwebb@pbdailynews.com. Subscribe today to support our journalism.
This article originally appeared on Palm Beach Daily News: Retail building on Worth Avenue in Palm Beach sells for $43 million
Reporting by Kristina Webb, Palm Beach Daily News / Palm Beach Daily News
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