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

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

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

Delray Trails and Mike Nunziata

13th Floor closes on 120-acre golf course for active adult community

A Publix-anchored shopping center sold (Credit: iStock)

Publix shopping center in West Palm sells for $12M

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

Ken Stiles and a rendering of the project

Stiles to bring Publix shopping center to Village of Golf

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

Menin Development buys Johnnie Brown’s building in Delray Beach

The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

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