Institutional Property Advisors Completes Grocery-Anchored Shopping Center Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of North Delray Commons, a 34,087-square-foot Publix-anchored shopping center in Delray Beach.

The sales price was undisclosed.

“North Delray Commons is an incredibly rare, infill Publix-anchored center in Downtown Delray Beach,” said Kirk D. Olson, IPA senior director. “Through our targeted marketing plan, we were able to generate multiple offers from both private and institutional investment groups.”

Olson and Drew A. Kristol, IPA senior director, represented the seller, an institutional investor with several offices throughout the country and procured the buyer, Benderson Development.

“The property benefits from a lack of immediate competition from other grocers servicing Downtown Delray Beach and the surrounding submarket,” commented Kristol. “The population within three miles is over 70,000 and has grown 15% in the past 10 years.”

Located a few blocks north of Downtown Delray Beach, North Delray Commons is surrounded by many existing and planned developments, including 1,400 multifamily units and 950,000 square feet of mixed-use, hospitality, retail and office space. The center was constructed on 3.5 acres in 2001. Additional tenants include Lina Nails, UPS, AT&T and Jersey Mike’s Subs.

 

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