Canyon Partners buys building in downtown Delray Beach

Hedge fund paid $18M, or $1,300 psf, for the building

Miami /
Nov.November 14, 2017 04:08 PM

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. 


Related Articles

arrow_forward_ios
Laurent Morali and Charles Kushner (iStock)

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Rendering of The Linton and Craig Menin

Menin Development wins initial approval for redevelopment of Delray Beach shopping center

Menin Development wins initial approval for redevelopment of Delray Beach shopping center
Dayna Martz & 995 South Ocean Boulevard (Google Maps)

Daughter of late Walmart CEO buys his waterfront Delray Beach home for $8M

Daughter of late Walmart CEO buys his waterfront Delray Beach home for $8M
Max Weinberg drumming & 1041 Seaspray Avenue, Delray Beach (Getty, Corcoran)

Springsteen drummer Max Weinberg sells Delray Beach home for $5M

Springsteen drummer Max Weinberg sells Delray Beach home for $5M
Mixed-use Delray Beach development on former Office Depot HQ site advances

Mixed-use Delray Beach development on former Office Depot HQ site advances

Mixed-use Delray Beach development on former Office Depot HQ site advances
Kevin Neal, Trinsic Residential’s managing director for South Florida, and a rendering of the project

Trinsic set to build 292-unit apartment complex in Delray Beach

Trinsic set to build 292-unit apartment complex in Delray Beach
Stuart Miller & Mike Nunziata, with a rendering of Avalon Trials (Credit: Lennar Homes)

Lennar spends $28M for lots on former golf course in Delray Beach

Lennar spends $28M for lots on former golf course in Delray Beach
16021 Quiet Vista Circle, Delray Beach (Realtor)

Estate of late developer sells mansion near Delray Beach for discounted $6M

Estate of late developer sells mansion near Delray Beach for discounted $6M
arrow_forward_ios

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

Loading...