Joe Sitt has expanded his Paris retail footprint with a $76.6 million purchase on the Champs-Elysees.
Sitt’s Thor Equities announced the company has signed a contract to acquire a retail and office property at 102 Avenue des Champs-Elysees in Paris.
“102 Avenue des Champs-Elysees is at the center of one of the most desirable locations in the world, just blocks from the Arc de Triomphe and Place Charles de Gaulle,” said Sitt.
“We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations such as the Champs-Elysees and Boulevard Haussmann.”
The Financial Times reported the purchase price, citing industry sources.
In December, Thor Equities purchased 51-53 Boulevard Haussmann in Paris, a 30,225 s/f building currently occupied by Benetton. Thor also owns 65-67 Avenue de Champs-Elysees.
102 Avenue des Champs-Elysees includes more than 7,400 s/f on four levels, with over 20 feet of direct frontage on the boulevard. The ground level, mezzanine and lower level are home to Le Queen, a famed Paris nightclub.
The Champs-Élysées is lined with theaters, cafes and upscale retail brands such as Louis Vuitton, Tiffany’s, Cartier, Hugo Boss, Zara and Marks & Spencer.