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

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

TRD 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
1275 North Ocean Boulevard, Flex Seal founder Phil Swift (Credit: Daniel Petroni Photography/Douglas Elliman)

Flex Seal founder seals the deal for Gulf Stream mansion

Flex Seal founder seals the deal for Gulf Stream mansion
Lee Kennedy, Bob Bartosiewicz, and 963 Evergreen Drive (Credit: Google Maps)

Seeing dollar signs: Former finance head sells waterfront Delray Beach mansion

Seeing dollar signs: Former finance head sells waterfront Delray Beach mansion
Max Weinberg and Delray Beach (Credit: Sergione Infuso/Corbis via Getty Images)

Born to serve: Springsteen drummer Max Weinberg joins Delray planning and zoning board

Born to serve: Springsteen drummer Max Weinberg joins Delray planning and zoning board
Cortland Partners CEO Steven DeFrancis and Depot Station apartment complex in Delray Beach (Google Maps)

Cortland pays $74M for Depot Station apartments in Delray Beach

Cortland pays $74M for Depot Station apartments in Delray Beach
Rendering of Echelon in Delray Beach

Developer plans boutique oceanfront condo project in Delray Beach

Developer plans boutique oceanfront condo project in Delray Beach
3200 South Federal Drive Delray Beach, Oak Street Real Estate Capital’s Jim Hennessy (Credit: Google Maps and LinkedIn)

Private equity firm sells Walgreens in Delray Beach for $8M

Private equity firm sells Walgreens in Delray Beach for $8M
Randy Klein and Ocean Delray (Credit: LinkedIn)

Crestron CEO to pay $7.6M for Delray Beach condo

Crestron CEO to pay $7.6M for Delray Beach condo
1601-1697 North Hiatus Road

Publix-anchored Pembroke Pines shopping center scores $14M refi

Publix-anchored Pembroke Pines shopping center scores $14M refi
arrow_forward_ios

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

Loading...