The Real Deal Miami

Kroger pays $17M for Delray Beach shopping center and branch

Delray Commons sold for $203 psf and the bank branch sold for $415 psf
By Keith Larsen | July 31, 2018 04:30PM

Delray Commons shopping center

Kroger’s real estate subsidiary just paid $17 million for a Delray Beach shopping center and an adjacent former Chase bank branch.

The Cincinnati-based company’s subsidiary TopValco purchased the 73,841-square-foot property known as Delray Commons for $15 million or $203 per square foot, and the 4,824-square-foot branch for $2 million or $415 per square foot, records show. TopValco purchased the shopping center at 5024 West Atlantic Avenue from Mall 5020, controlled by companies based in Weston and Key Biscayne. The firm bought the branch from Lot 5070, controlled by the same companies.

Mall 5020 previously purchased the shopping center for $10.75 million from Pebb Enterprises in June 2015, records show. The shopping center was originally built in 1981 and its tenants include a Gain Furniture store and a CJ Sports Bar & Grill.

Kroger Real Estate operates 2,779 supermarkets in 35 states and the District of Columbia under two dozen banners. Kroger does not currently operate any stores in Florida, according to its website.

Kroger’s competitor Publix has also been buying up shopping centers where it is an anchor tenant. In South Florida, since mid-2015, Publix has spent about $189 million to acquire eight shopping centers it anchors, plus about $45 million for two standalone supermarkets.

Kroger did not immediately return a request for comment.