Cushman & Wakefield, Katalyst Real Estate & Development Arrange $38.2M Sale of Trophy Corner Along Atlantic Avenue
The $38.2 million sale represents one of the largest commercial transactions ever in Delray Beach.
The $38.2 million sale represents one of the largest commercial transactions ever in Delray Beach.
The landmark transaction is the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years.
J.P. Morgan and Hudson Bay Capital provided financing for the 97% pre-leased mixed-use destination
in Downtown Delray Beach.
He brings more than 15 years of experience advising occupiers, investors, and property owners across the industrial, office, and retail sectors, with expertise spanning tenant representation, site selection, and investment sales.
The project will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail.
Simon acquired the 18.6-acre Sears site last year for $23 million.
The portfolio includes four shopping centers located in Miami-Dade, Broward and Palm Beach counties.
Newmark Managing Director Mitch Heifetz is spearheading marketing and leasing initiatives.
The properties were sold by Frisbie Group-affiliated ownership, along with entities tied to ophthalmologist Dr. Stephen Sullivan and Marcia Sullivan.
Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.
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