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
AshBritt's Randal Perkins and 111 South Ocean Boulevard in Delray Beach (Google Maps)
AshBritt founder drops $21M on oceanfront Delray Beach mansion
AshBritt founder drops $21M on oceanfront Delray Beach mansion
The Addison Place shopping plaza at 16850 and 16950 South Jog Road in Delray Beach with Site Centers CEO David Lukes (left) and Richard Caster of Azure Development (LinkedIn, Azure, Google Maps)
Site Centers buys Delray Beach shopping plaza for $40M
Site Centers buys Delray Beach shopping plaza for $40M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
325 East Atlantic Avenue in Delray Beach (Google Maps)
Downtown Delray Beach retail building sells for $12M
Downtown Delray Beach retail building sells for $12M
arrow_forward_ios

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

Loading...