Thor Equities bags building in booming Delray Beach

Miami /
Jul.July 17, 2015 04:00 PM

Thor Equities paid $4.1 million for a commercial building in Delray Beach on Friday, as the New York-based firm expands its holdings in burgeoning areas of South Florida, The Real Deal has learned.

The property, at 630-638 East Atlantic Avenue, features ground floor retail and office space and second floor office space, with 50 feet of frontage of Atlantic Avenue, Thor told TRD.

According to public records, Northwood Financial Holdings, whose managing member is John Scarpa, last purchased the 9,819-square-foot site in April 201o for $1.2 million.

The building is across the street from Atlantic Crossing, the Edward Co.’s planned $200 million, nine-acre mixed-use development, which will have 82 condos, 260 apartments, 83,000 square feet of office space, and 76,000 square feet of shops and restaurants. The Related Group and Samar Hospitality also have planned developments nearby.

Downtown Delray Beach is undergoing a redevelopment boom, which attracted Thor, the company said. Urban Outfitters, Fresh Produce and BCBG have recently opened stores in the area, and iPic Theater’s second South Florida location is opening one block away from 630-638 East Atlantic Avenue in 2015.

“Delray Beach is a rapidly growing market, with Atlantic Avenue as its prime retail corridor,” Joseph Sitt, CEO of Thor Equities, said in a statement. “There is strong demand and interest from national tenants resulting from the continued revitalization of the Delray Beach Art District, which has transformed the area into a major tourist attraction. We believe 630-638 East Atlantic Avenue will also benefit from the addition of the Atlantic Crossing development across the street, and the continued growth of Atlantic Avenue.”

Thor has been focusing on commercial growth segments of South Florida, including Lincoln Road in Miami Beach, Miami’s Design District and Wynwood. This spring, Thor paid $29 million for seven parcels totaling an entire block in Wynwood, adding to its portfolio there. Thor also has spent more than $100 million in the Design District, where it now holds a contiguous site totaling nearly a quarter of the district.

In New York, Thor’s portfolio includes such retail sites as 597 Fifth Avenue, 693 Fifth Avenue, 685 Fifth Avenue, 562 Fifth Avenue, 530 Fifth Avenue and 680 Madison Avenue.


Related Articles

arrow_forward_ios
Healthcare investor buys lakefront mansion west of Delray Beach for $17M
Healthcare investor buys lakefront mansion west of Delray Beach for $17M
Healthcare investor buys lakefront mansion west of Delray Beach for $17M
Steven Cohen and the Boca Raton property (Getty, Douglas Elliman)
Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M
Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M
Renderings of 1625 Ocean. (U.S. Construction)
US Construction scores $45M construction loan for Delray Beach condos
US Construction scores $45M construction loan for Delray Beach condos
Randal Perkins and the Delray Beach house (AshBritt, Douglas Elliman via Getty)
AshBritt founder flips oceanfront Delray Beach mansion for $22M
AshBritt founder flips oceanfront Delray Beach mansion for $22M
Alta Congress apartments at 250 Congress Park Road in Delray Beach and Crow Holdings CEO Michael Levy (Alta Congress, Crown Holdings)
Crow Holdings buys Delray Beach apartments for $112M
Crow Holdings buys Delray Beach apartments for $112M
AshBritt's Randal Perkins and 111 South Ocean Boulevard in Delray Beach (Google Maps)
AshBritt founder drops $21M on oceanfront Delray Beach mansion
AshBritt founder drops $21M on oceanfront Delray Beach mansion
The Addison Place shopping plaza at 16850 and 16950 South Jog Road in Delray Beach with Site Centers CEO David Lukes (left) and Richard Caster of Azure Development (LinkedIn, Azure, Google Maps)
Site Centers buys Delray Beach shopping plaza for $40M
Site Centers buys Delray Beach shopping plaza for $40M
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...