The Real Deal Miami

Pair of Delray Beach retail buildings ask $21.5M

It's the first time the properties have hit the market in 100 years

October 16, 2014 12:45PM

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The George Buildings

The George Buildings

The George Buildings, two adjacent corner retail properties, have hit the market asking $21.5 million.

Howard Bregman, an associate in Marcus & Millichap’s Fort Lauderdale office, is exclusively marketing the portfolio on behalf of the seller, a South Florida-based corporation.

It is the first time the property, located on the southeast and southwest corners of Atlantic Avenue and Southeast 4th Street at 326 and 400 East Atlantic Avenue, has been offered for sale in more than 100 years, according to Marcus & Millichap.

“This is an extraordinary opportunity for an investor to acquire prime retail assets with over 165 feet of frontage on East Atlantic Boulevard,” Bregman said in a statement. “Tenant demand and development continue to rise in Delray Beach, especially with the revitalization and redevelopment of the Delray Beach Art District, which has transformed the area into a major tourist attraction. A brand new IPIC Theater is scheduled to open directly behind the property in 2015.” –Christopher Cameron

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