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