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