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Joint venture expands its Palm Beach real estate portfolio by buying six-storefront building in the 200 block of the Avenue. The building had not changed hands since 1997.
(This story was updated to add new information.)
Two real estate investors have expanded their Palm Beach commercial property portfolio with their first purchase on Worth Avenue, a deal recorded at $30.255 million in the 200 block of the world-famous shopping destination.
A company affiliated with CS Ventures — a joint venture headed by Spencer J. Schlager and Charles “Charlie” L. Rosenberg — is on the buyer’s side of the retail building addressed as 237-243 Worth Ave. near Hibiscus Avenue, the Palm Beach Daily News has confirmed. The off-market sale closed late last week, according to people familiar with the deal.
The Palm Beach Daily News is the first media outlet to report the sale.
The building has 9,536 square feet, Schlager said. Based on that measurement, the building traded for $3,173 per square foot.
The renovated building was built in 1925 and is fully leased. Its apparel and accessory boutiques include Versace, Valentina Kova, Bottega Veneta, 55 Corisette and Poupette St. Barth. Maison Maurice, a jewelry store, also is a tenant.
A Delaware-registered entity named 237-243 Worth Avenue Limited Partnership was on the seller’s side, property records indicate. That entity had owned the building since December 1997, Palm Beach County property records show.
Delaware’s strict corporate privacy laws cloak the owner of the selling entity.
But the seller is linked in courthouse records to Greenstone Realty Advisors LLC, a real estate advisory and asset management firm for which Andre Kinney is president and principal in Leesburg, Virginia, according to the company’s website. That company has a mailing address in care of an estate Kinney co-owns in Middleburg, Virginia, records show.
Kinney signed the deed recorded Sept. 24 to sell the property on behalf of 237-243 Worth Ave. Corp., the general partner of the 237-243 Worth Avenue Limited Partnership. Kinney could not be immediately reached for comment.
Commercial real estate agent Robert F. Klecinsky of Cushman & Wakefield represented the seller and was the sole agent involved in the deal. He said he could not comment about the transaction when contacted by the Daily News.
CS Ventures bought the property using a Delaware limited liability company named CSPB Worth LLC, the deed recorded Sept. 24 shows.
Schlager, who also is a real estate agent, declined to discuss specifics of the transaction and the seller.
But he described the building as a prime investment, thanks in part to Worth Avenue’s reputation as one of the most desirable luxury-retail streets in the country. He also mentioned the extremely limited supply of ground-floor retail space available for lease in Palm Beach, adding that no new retail projects are on tap to enter the island’s development pipeline. He described the market as “constrained.”
Schlager and Rosenberg both have longtime family ties to Palm Beach, where Schlager has a home. Rosenberg lives in New York City.
Their joint venture began investing in commercial real estate in Palm Beach in early 2020.
Companies controlled by their joint venture own Palm Beach commercial buildings in Midtown at 324, 340, 350 and 440 Royal Palm Way along with a landmarked retail-and-office building at 214 Brazilian Ave.
Their most recent acquisition took place last year and involved a block-long commercial building near Worth Avenue at 375 S. County Road, which is home to BrickTop’s restaurant, among other tenants. One of their affiliated companies bought that building from an entity controlled by Colorado-based real estate investor Mark Hunt
In January, a company owned by CS Ventures sold, for $11.5 million, a mixed-use building with retail storefronts and apartments at 249, 251 and 253 Royal Poinciana Way. The buyer in that deal was affiliated with the parent company of The Breakers Palm Beach. Schlager and Rosenberg’s company had paid a recorded $4.38 million for the Royal Poinciana Way property in February 2020, when it also bought the building at 214 Brazilian Ave.
CS Ventures also owns a building at 500 S. Australian Ave. in West Palm Beach. In all, the joint venture owns about 300,000 square feet of commercial space, Schlager previously told the Palm Beach Daily News.
Worth Avenue has seen its share of sizable commercial deals over the past few years. The largest was a transaction recorded in July 2023 at $83 million for an retail-and-office building in the ocean block at 125 Worth Ave. Hedge-fund billionaire Ken Griffin of Citadel LLC and Citadel Securities bought that building from a company affiliated with Dreyfuss Investments of Bethesda, Maryland, which owned it in partnership with Palm Beach-based developer Frisbie Group. At the time, a spokesman for Griffin said the billionaire bought the building personally, just as he had done in May 2022 when he purchased an adjacent vacant building that had once housed a Neiman Marcus department store.
In 2021, the late Worth Avenue landlord Burt Handelsman sold to the aforementioned Hunt three commercial properties in deals totaling $58 million. In addition to 219 and 225 Worth Ave., Handelsman deeded to Hunt the building at 365 N. County Road, which Hunt, in turn, sold in July 2023 to the company controlled by CS Ventures.
Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.
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