SVN | Commercial Partners (SVNCP) Senior Advisor Elon D. Gerberg and Adam H. Klein represented the seller in the sale of Downtown Delray Corner, a ±4,750-square-foot retail property located at 398 NE 6th Ave in Delray Beach. Sal Ditta purchased the asset from Jim Gagliardi for $2,500,000. The prime location of the property generated multiple interested parties and aggressive contract terms.
The property is across the street from a Walgreens and Publix-anchored plaza, directly adjacent to a 1.5-acre Courchene Development custom townhome development and a half-mile north of Atlantic Crossings, a 9-acre mixed use development on Atlantic Avenue and Federal Hwy. Courchene Development is slated to develop 31 townhomes on a 1.5-acre site across the street. The property sold for $532 a square foot, which reflects a 4.11% cap rate.
The deal closed May 11.
“This opportunity attracted a significant number of interested parties since it’s directly in the path of development in booming Delray Beach,” stated Gerberg. The buyer presented compelling terms in their offer to secure the deal.”
This sale is another in a growing list of activity for Gerberg and his partner, Adam H. Klein, in the retail, office, and industrial space. The two teamed together to form and lead ROI Partners within SVN Commercial Partners to be able to provide expertise in all three asset classes. ROI Partners is currently marketing in excess of $30 million of exclusively listed property.
“We have a continued focus on the active South Florida market and are pleased to consistently deliver results for our clients,” Klein said.
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