Menin’s shopping spree continues with Urban Outfitters site in Delray Beach: $8.3M

This month, Menin also bought two shopping centers in Delray Beach, for $33M and $26M

Jun.June 30, 2016 12:45 PM

Menin Development has just scored the Urban Outfitters retail building in Delray Beach for $8.3 million, as Craig Menin’s firm continues its spending spree in the trendy town.

The 11,073-square-foot property at 306 Atlantic Avenue is a two-story, single-tenant building, 100 percent occupied by Urban Outfitters. The store signed a 10-year lease with two, five-year renewal options in May 2014, according to a release from Marcus & Millichap.

The building was built in 1936 and this was the first time it was offered for sale, Marcus & Millichap said. The price breaks down to $750 per square foot.

Marcus & Millichap’s Howard Bregman, a senior associate in the firm’s Fort Lauderdale office, represented Menin Development in the sale, according to the release. He said Menin plans a “long-term hold strategy.”

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise,” Bregman said in a statement. 

Last year, he represented Menin in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue. The firm paid $19.5 million for the properties, which total 19,855 square feet. The price broke down to $982 per square foot.

Menin has boosted his spending spree in Delray this month. Last week, the firm paid $33 million for New Century Commons, a Delray Beach shopping center with 89,163 square feet at 500 West Linton Boulevard. Shortly before that, Menin bought Esplanade in the Grove in Delray Beach for $25.6 million. The single-story shopping center at 241 Northeast Second Avenue measures 31,700 square feet.

Menin Development, which has its offices in Delray Beach, is a private real estate company that builds, owns and manages commercial properties. The firm mainly looks for institutional-level retail buildings in affluent communities, according to its website. Ina Cordle

Related Articles

Delray Trails and Mike Nunziata

13th Floor closes on 120-acre golf course for active adult community

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Craig Menin and 301 East Atlantic Avenue in Delray Beach (Credit: Google Maps)

Menin Development buys Johnnie Brown’s building in Delray Beach

9200 Rockybrook Way and Senada Adzem (Credit: Douglas Elliman)

Lakefront estate west of Delray Beach sells for $17M

Daily Digest Miami

LeBron James’ Unknwn store is opening Dec. 5, Palm Beach Gardens showroom trades for $10M

Walgreens at 3200 South Federal Highway

Walgreens sells Delray Beach store on Federal Highway

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan