CBRE arranged the sale of a 18,269-square-foot Delray Beach mixed-use, retail and office property on 1.68 acres anchored by Office Depot and City National Bank.
Delray Pointe, located at 1110-1120 S. Federal Highway, was acquired for $5.7 million.
CBRE represented both the seller and the buyer, who used proceeds from a 1031 exchange to fund the purchase.
“This offering presented a unique opportunity to acquire a strategically located mixed-use asset with a landmark presence at the bifurcation of the northbound and southbound lanes of Federal Highway,” said Dominic Montazemi, First Vice President, CBRE Investment Properties.
“There is tremendous pent up demand from out-of-state buyers seeking well-located triple net lease properties. In addition to the ‘brand name’ appeal of the anchor tenants, the buyer was drawn to the turnkey opportunity to retain the original developer/owner as the property manager,” said Miguel Alcivar, Senior Associate, CBRE Investment Properties.
Built in 2004 and immaculately maintained, Delray Pointe is 80% leased to Office Depot and City National Bank. It features three drive-through bank lanes and an additional 3,500 square feet of high-quality office space formerly occupied by the previous owner.
The property is situated on Federal Highway between the Linton Boulevard retail corridor and Atlantic Avenue, which traverses downtown Delray Beach.
In addition to Montazemi, other professionals involved in the transaction included Scott O’Donnell and Miguel Alcivar of CBRE Investment Properties; Jason Hochman of CBRE Debt & Structured Finance; and John Jaspert of CBRE Office Brokerage.
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