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

Delray Commons sold for $203 psf and the bank branch sold for $415 psf

Miami /
Jul.July 31, 2018 04:30 PM

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.


Related Articles

arrow_forward_ios
Matthew Sodl and 800 Seagate Drive, Delray Beach (Google Maps)
Investment banker drops $5M on Delray Beach spec home
Investment banker drops $5M on Delray Beach spec home
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
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
arrow_forward_ios

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

Loading...