Kenneth Bernstein Of Acadia Realty Trust Acquires Retail Building In Palm Beach For $43M
225 Worth Avenue
$43,000,000
$4,343/SF
Building Size
9,900 SF
Asset Type
Retail
Closing
Mar 31, 2026
About this deal
AI
The retail asset involved in this transaction is located at 225 Worth Avenue in Palm Beach. Acadia Realty Trust purchased the property for $43,000,000, which equates to approximately $4,343 per square foot. The building spans 9,900 square feet and was constructed in 1950. It is currently leased to tenants including Gucci, G/FORE, and J.McLaughlin, and the acquisition expands Acadia's retail presence in the Palm Beach market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $43,000,000
- Square Footage: 9,900
- Price Per Square Foot: $4,343
- Buyer: Kenneth Bernstein - Acadia Realty Trust
- Seller: Jay Lobell - JSB Capital Group
- Market: Palm Beach
Kenneth Bernstein represents Acadia Realty Trust in this transaction, while Jay Lobell represents JSB Capital Group. This sale marks a significant expansion for Acadia in Palm Beach County.
On the Map
$43,000,000
$4,343/SF
Retail
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Players
Palm Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93