The Real Deal Miami

Canyon Partners buys building in downtown Delray Beach

Hedge fund paid $18M, or $1,300 psf, for the building
By Amanda Rabines | November 14, 2017 04:08PM

Canyon Partners Co-Chairman Mitch Julis and 302 East Atlantic Avenue in Delray Beach (Credit: Google Maps, Canyon Partners)

UPDATED Nov. 15th, 11:30 a.m.: A company tied to California hedge fund Canyon Partners just paid $18 million for an office building in downtown Delray Beach, property records show.

Pierre Delray One LLC paid nearly $1,300 per square foot for the two-story, 13,900-square-foot building at 302 East Atlantic Avenue. SunTrust Bank sold the property, which includes an adjacent 18,500-square-foot parking lot between Southeast Third Avenue and the FEC Railway.

Built in 1929, the building sits on 26,571 square feet of land, records show. SunTrust is the building’s main tenant. Records show Canyon also assumed a 4,830-square-foot ground lease for land located below the parking lot. The owner of that parcel is Metropolitan at Delray LLC.

Previous sales information was not available online. A representative for Canyon declined to comment.

Nearby at 217 East Atlantic Avenue, the Buddha Sky Bar building on Delray Beach’s Atlantic Avenue hit the market for $24.5 million, or about $2,130 a foot.

Last year, Canyon Partners Real Estate and partner Citi Community Capital invested in a rental community in Tamarac for $33 million.

Correction: A previous version misrepresented the sale as a ground lease. Canyon purchased the property, which included a ground lease for one parcel.