Acadia Realty Trust has snapped up a Gucci-anchored storefront on Palm Beach’s famed Worth Avenue, paying $43 million for the one-story building at 225 Worth Ave. The buy expands the real estate investment trust’s footprint on the island’s marquee shopping strip and ranks among the latest big-ticket trades signaling that institutional investors are firmly back in the high-street retail game.
The deal
Acadia acquired the roughly 10,118-square-foot retail property at 225 Worth Ave from JSB Capital Group for $43 million, or about $4,250 per square foot, according to CoStar. Property databases and records cited by The Real Deal peg the building closer to 9,900 square feet, which would push the number to about $4,329 per square foot. CoStar confirms the…..