Retail center sells for more than 4 times 1999 price

Miami /
Oct.October 16, 2016 02:00 PM

A shopping center on West Atlantic Avenue near Delray Beach sold for $316 per square foot, more than four times its 1999 sale price.

The buyer paid $12 .9 million for the 40,747-square-foot Lincoln Park shopping center at 5859 West Atlantic Avenue.

Built in 1985, Lincoln Park last sold in 1999 for $2.9 million, or $71 per square foot.  

Brokerage firm Marcus & Millichap represented the buyer, Pineapple Grove Association, and the seller, Lincoln Park Delray.

Lincoln Park was fully occupied when the sale closed. The 16 tenants include Sherwin-Williams and Mackinac Savings Bank. According to Marcus & Millichap, almost half of the tenants have been in place for more than 15 years.

Shopping centers in the Delray Beach market have attracted other investors, notably Craig Menin and his firm Menin Development, which has offices in Delray.

In June, Menin paid $33 million for the New Century Commons shopping center at 500 West Linton Boulevard and $25.6 million for Esplande in the Grove in Delray Beach, a single-story shopping center at 241 Northeast Second Avenue.

Menin paid $370 per square foot for New Century Commons and $807 per square foot for Esplande in the Grove. [Sun-Sentinel]Mike Seemuth


Related Articles

arrow_forward_ios
American Commercial Realty buys North Palm Beach property for $36M
American Commercial Realty buys North Palm Beach property for $36M
American Commercial Realty buys North Palm Beach property for $36M
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Nonprofit arts and culture organization sues Delray Beach over lease termination
Nonprofit arts and culture organization sues Delray Beach over lease termination
Nonprofit arts and culture organization sues Delray Beach over lease termination
TA Realty buys SofA apartments in Delray Beach for $83M
TA Realty buys Delray Beach apartments for $83M
TA Realty buys Delray Beach apartments for $83M
Peter Marino and Chanel chairman Alain Wertheimer with the Chanel space on 41st Street (Getty, Google Maps)
Chanel spending $40M on buildout of Miami Design District flagship
Chanel spending $40M on buildout of Miami Design District flagship
Attorney sells oceanfront Delray Beach mansion for $34M
Attorney sells oceanfront Delray Beach mansion for $34M
Attorney sells oceanfront Delray Beach mansion for $34M
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
arrow_forward_ios

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

Loading...