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.