Buddha Sky Bar building in Delray hits the market for $25M

Miami /
Jan.January 04, 2017 11:15 AM

The owners of the Buddha Sky Bar building on Delray Beach’s Atlantic Avenue are looking to cash in on the area’s hot commercial market by putting the property up for sale. 

The three-story, 11,500-square-foot building at 217 East Atlantic Avenue is on the market for $24.5 million, which breaks down to about $2,130 a foot, according to CoStar. SkyBar Holdings LLC, a company led by Chris Licata and Vladislav Yampolsky, owns the property.

The property’s cap rate is in line with the market, Marcus & Millichap vice president of investments and listing broker Marc Strauss told The Real Deal. The sky bar building is listed at a 4.08 percent cap rate, according to CoStar.

Nearby, the building at 326 and 400 East Atlantic Boulevard sold for a 3.4 percent cap rate for a total purchase price of $19.5 million in April 2015, Strauss said. More recently in June 2016, the Urban Outfitters-leased building at 306 East Atlantic Boulevard sold for a 3.43 percent cap rate in an $8.3 million deal to Menin Development. That purchase broke down to about $750 per square foot.

SkyBar Holdings paid $2 million for the 8,068-square-foot piece of land in 2006 and completed the building in 2009. The owners, who also operate the Buddha Garden restaurant on the first floor, the Level nightclub on the second floor and the sky bar restaurant on the third floor, are looking to lease the ground floor for one year and the second and third floors from a new owner for 10 years.

As to why the ownership is looking to sell, Strauss said that “they’ve invested so much money in the building over time and it’s the right time in the market.” Each floor is about 3,300 square feet with an 1,500-square-foot additional mezzanine on the ground floor. The building’s height gives it “commanding views of the avenue all the way to the ocean,” Strauss told TRD.


Related Articles

arrow_forward_ios
Gatsby Enterprises'  Babak Ebrahimzadeh with 25 and 45 Northeast Second Avenue, as well as at 220 Northeast First Street (Loopnet, LinkedIn)
All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M
All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M
River Oaks founder and Chairman Gerald Rubin and Shop Delray at 8918 Atlantic Avenue in Delray Beach (River Oaks Properties El Paso)
River Oaks picks up Delray Beach shopping center for $26M
River Oaks picks up Delray Beach shopping center for $26M
Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
NRIA CEO Rey Grabato and U.S. Construction John Farina with 1901 South Ocean Boulevard (LinkedIn)
Developers complete Ocean Delray condo project with estimated $126M sellout
Developers complete Ocean Delray condo project with estimated $126M sellout
From left: Joseph, Toney and Eli Sleiman of Sleiman Enterprises; Graeme (Greg) Keith Jr. and Graeme Keith Sr. of The Keith Corporation (LoopNet, Sleiman Enterprises, The Keith Corporation)
Publix-anchored Delray Square sells for $48M
Publix-anchored Delray Square sells for $48M
Investments Limited’s President James Batmasian & wife Marta Batmasian; Thor Equities Group’s founder & CEO Joseph Sitt (Thor Equities Group, Investments Limited, Google Maps)
James Batmasian doubles down on downtown Delray Beach with $7M purchase
James Batmasian doubles down on downtown Delray Beach with $7M purchase
James and Marta Batmasian, Investment Limited (LoopNet, Investment Limited)
James Batmasian pays $19M for downtown Delray Beach retail, offices
James Batmasian pays $19M for downtown Delray Beach retail, offices
arrow_forward_ios

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

Loading...