The Real Deal Miami

Craig Menin buys building on Delray’s Atlantic Ave

Nearly 50K sf retail and restaurant building was recently renovated
By Katherine Kallergis | December 10, 2018 03:45PM

Craig Menin

Delray Beach developer Craig Menin paid $31 million for a piece of East Atlantic Avenue, property records show.

Menin’s Rosebud 110 LLC bought the 48,800-square-foot retail and office building at 110 East Atlantic Avenue from a company tied to RMS Properties, a Schaumburg, Illinois-based property management firm. Menin financed the deal with a $26.5 million loan from BankUnited.

The property last sold for $8.5 million in 2014, according to records, and was recently renovated.

The building sits on nearly half an acre of land about seven blocks west of the Intracoastal Waterway. It features two restaurants, 40,000 square feet of Class A office space, 132 underground parking spaces and a new lobby, according to Menin Development’s website. Rocco’s Tacos is leasing the ground floor retail space.

Earlier this year, Menin Development sold the PGA Plaza in Palm Beach Gardens for $88 million.

The company is also planning to open Delray City Market, a mixed-use building just south of Atlantic Avenue in downtown Delray Beach, early next year. The 120,000-square-foot development will include a 30,000-square-foot food hall, a parking garage and event space.

Late last month, controversial developer Harold “Sonny” Van Arnem emerged as a new bidder in the contentious West Atlantic mixed-use project proposed for the city’s 600 to 800 block.