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Via Bice on Worth Avenue sells for $19.5 million

Posted On: 03-29-2017

The Worth Avenue via that houses Bice Ristorante, among other tenants, has changed hands for $19.5 million, or a little more than $1,000 per square foot, according to a deed recorded today.

The buyer of Via Bice was a limited partnership affiliated with The Amirsaleh Family Trust, which also owns the majority of property in the Via Mizner, according to an announcement of the sale released today by Greenberg Traurig, the West Palm Beach office that represented the buyer.

The property was sold by Via 313-½ Worth Avenue Ltd., an entity affiliated with Palm Beach-based Tricony Management. With offices in the Via Bice, Tricony is headed by President Rick O. Torres, state business records show. Vice President Michael Torres signed the deed of behalf of Tricony Via Corp., the general partner of the entity that sold the property. Neither man couldn’t be reached for comment.

The via opens to Worth Avenue on the south and Peruvian Avenue on the north and is known by two addresses — 313½ Worth Ave. and 320 Peruvian Ave. In all, the property encompasses five buildings with a total of 18,712 square feet.

“At nearly $1,004 per square foot, the sale price shows the continuing desirability of Worth Avenue as one of the premier retail streets in the country and one where investors see tremendous opportunity,” real estate attorney David M. Layman of Greenberg Traurig said in the announcement.

Retail shops and Bice Ristorante — with its outdoor dining tables — occupy the ground level, with office space in the second stories, which include offer balcony views.

The new owner has plans to “modernize and renovate” the via “using the talents of Palm Beach-based designers and architects,” the Greenberg Traurig statement said. In a phone interview, Layman said he had “no knowledge” of whether any tenants will be leaving the via.

Tricony Management is based in the via, according to its website and other records. In 1998, the company paid $750,000 for one of the tracts that make up the via, according to courthouse records.

Miami-based broker Luis Castillo was among several Miami-based HFF (Holliday Fenoglio Fowler) agents who were marketing Via Bice for Tricony Management. Other agents on the HFF team listed on a marketing brochure included Hermen Rodriguez, Eric Williams, Kimberly Flores and Danny Finkle.

The brochure said the restaurant leases 4,635 square feet and generates annual rent of $349,247. Leased retail space totals another 12,100 square feet with rentals of $827,606.

“Given the desirability of the location, Via Bice has enjoyed long-term tenant stability for over (10) years,” the brochure said, which also noted that the property was “unencumbered by existing debt.”

Via Bice isn’t the only Worth Avenue property to be marketed for sale. The building that houses Tiffany & Co. at 259 Worth Ave. has also been listed at an undisclosed price.

The sale closed March 24, about a month after the contract was signed, said Layman. “It was a very quick process from the signing to the closing,” he said.

Other properties on Worth Avenue have changed hands within the past few years. In January 2014, the retail building housing Neiman Marcus and the 150 Worth shopping center, which has since been renamed The Esplanade, sold to the same buyer in separate simultaneous sales totaling $146 million.

In September 2013, a limited liability company controlled by Palm Beach property owner Burt Handelsman paid $28.1 million for a 10,000-square-foot building at 225 Worth Ave.

 

 

 

Source: Darrell Hofheinz, March 29, 2017, Palm Beach Daily News

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Zimmerman Douglas Elliman

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