The Real Deal Miami

Downtown Delray retail buildings sell to Menin Development affiliate for $20M

Two buildings last sold in 1914

April 02, 2015 01:15PM
By Katherine Kallergis

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Howard Bregman and the George Buildings in Delray Beach

Howard Bregman and the George Buildings in Delray Beach

An affiliate of Palm Beach-based Menin Development picked up two commercial buildings in downtown Delray Beach for $19.5 million.

The family owned George Buildings, at 326 and 400 East Atlantic Avenue, were last acquired in 1914, Howard Bregman of Marcus & Millichap told The Real Deal.

Bregman represented the seller, a South Florida-based family company, Abeleina Properties.

Combined, the buildings total 19,855 square feet and half an acre. They were listed in October for $21.5 million.

“Tenant demand and development continue to rise in Delray Beach and the revitalization and redevelopment of the Delray Beach Art District has helped transform the area into a major tourist attraction,” Bregman said in a statement.

Tenants of the buildings include Kilwin’s Chocolates, Huber Health Mart Drugs, Real Eyes Optics, Green Owl restaurant and a consignment store called Second Time Around.

Robert A. and Joseph George are listed as officers on the seller’s corporate records. The George family also owns two properties nearby on Southeast Fourth Avenue.