PALM BEACH, FLA. — Franklin Street has been named sales broker for a 16,374-square-foot retail property on Worth Avenue in Palm Beach. The company anticipates that the corner property, whose lead tenant is Tiffany & Co., will sell for more than $40 million.
Worth Avenue is a high-street retail corridor with about 250 upscale retailers, restaurants and art galleries that fill its three blocks that end at the Atlantic Ocean. Robert Granda and Greg Matus of Franklin Street are marketing the asset on behalf of the current owner, Madden Family Associates.
Since Tiffany & Co. leased the property in 1991, the asset has been upgraded with marble floors, steel doors and a clock and sculpture over the entrance. Other tenants within the property include the Mark Borghi Fine Art gallery on Worth Avenue and 55 Croisette, a French luxury fashion boutique, on Hibiscus Avenue.