Canyon Partners buys building in downtown Delray Beach

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

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

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Craig Menin and 301 East Atlantic Avenue in Delray Beach (Credit: Google Maps)

Menin Development buys Johnnie Brown’s building in Delray Beach

9200 Rockybrook Way and Senada Adzem (Credit: Douglas Elliman)

Lakefront estate west of Delray Beach sells for $17M

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Daily Digest Miami

LeBron James’ Unknwn store is opening Dec. 5, Palm Beach Gardens showroom trades for $10M

Walgreens at 3200 South Federal Highway

Walgreens sells Delray Beach store on Federal Highway

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan