A retail building on Palm Beach’s Worth Avenue, one of the priciest shopping strips in South Florida, has been listed for sale asking more than $40 million.
Madden Family Associates, the long-time owner of the 16,374-square-foot building at 259 Worth Avenue, hired Franklin Street to sell the property. It was constructed in 1950 and has Tiffany’s as the anchor tenant, plus space leased to the Mark Borghi Fine Art gallery and fashion boutique 55 Croisette.
If the building sells for $40 million, that would equate to $2,443 per square foot.
The town’s 33480 zip code has a median per capital income of $59,298 and an average net worth of $2.7 million, making it among the wealthiest zip codes in South Florida and the country.
Worth Avenue has 250 retailers, restaurants and art galleries along three blocks with multiple property owners. Given that Palm Beach officials are generally not supportive of high-density development, there isn’t much opportunity to build more retail on the island.
“This is a rare opportunity for a REIT or other investor to establish itself on one of the most famous retail streets in the world,” said Robert Granda, director of retail investment sales at Franklin Street.
Granda said the owners want to sell now because of high demand and a scarcity of high-end urban street retail.