Site Centers buys Delray Beach shopping plaza for $40M

Tenants at 56K sf plaza include Henry’s restaurant, Wells Fargo and Starbucks

Miami /
May.May 18, 2021 03:30 PM
The Addison Place shopping plaza at 16850 and 16950 South Jog Road in Delray Beach with Site Centers CEO David Lukes (left) and Richard Caster of Azure Development (LinkedIn, Azure, Google Maps)

The Addison Place shopping plaza at 16850 and 16950 South Jog Road in Delray Beach with Site Centers CEO David Lukes (left) and Richard Caster of Azure Development (LinkedIn, Azure, Google Maps)

Site Centers bought The Shoppes at Addison Place west of Delray Beach for $40 million.

The Beachwood, Ohio-based real estate investment trust bought the buildings at 16800, 16850 and 16950 South Jog Road in three deals from sellers tied to Delray Beach-based Azure Development, according to records.

In the two biggest deals, Site Centers bought the building at 16950 South Jog Road for $20 million and the one at 16850 South Jog Road for $18 million. It bought the smallest building leased to Wells Fargo for $2 million.

Site Centers, led by David Lukes, is a publicly traded shopping center investor that focuses on well-heeled suburban areas. It has an interest in 138 shopping centers nationwide, including Village Square at Golf in Boynton Beach and Northlake Commons in Palm Beach Gardens, according to its website. It also owns The Shops at Midtown Miami.

Azure Development, which sold the buildings through three affiliates, developed the 56,000-square-foot plaza from 1999 to 2001 on 7 acres.

The Shoppes at Addison Place is 96 percent leased, with 40 percent original tenants that have leased space since the center opened, said Richard Caster, who leads Azure with Brian Grossberg.

Tenants include Angelo Elia Pizza, Way Beyond Bagels, Hair by Scott, Bank of America and Starbucks. Henry’s restaurant is among the original tenants, Caster said.

The limited liability companies that sold the plaza are owned by Azure Development’s principals, including Caster, he said.

Delray Beach has seen several retail deals in recent months. In April, the Cook family sold a downtown building at 325 East Atlantic Avenue for $11.5 million, marking a windfall since the family had owned it for more than 40 years.

That came on the heels of Publix-anchored North Delray Commons shopping center in Delray Beach selling for $9.4 million in February.

Several retail centers also have traded in other parts of Palm Beach County. Raanan Katz, a Miami Heat minority owner, bought his third Best Buy through his RK Centers. He scooped up the store at 1880 Palm Beach Lakes Boulevard in West Palm Beach for $12 million in May. And Continental Realty bought the LA Fitness-anchored Shoppes at Sherbrooke retail center near Wellington for $11.3 million in April.





    Related Articles

    arrow_forward_ios
    Finvarb's Ronny Finvarb and 1685 Washington Avenue (Finvarb Group, Google Maps, iStock)
    Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
    Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
    Geneva Group Managing Partner Jarred Elmar and Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach (Google Maps, Geneva Group)
    Geneva JV acquires Royal Palm Beach medical office complex for $15M
    Geneva JV acquires Royal Palm Beach medical office complex for $15M
    Transamerican Development's President Albert Benalloun with  3100 South Ocean Drive (Google Maps, Benher Capital)
    Publix pays $13M for waterfront Hollywood site approved for supermarket
    Publix pays $13M for waterfront Hollywood site approved for supermarket
    Shaul Rikman, Roni Soffer, Mati Rikman, and Moshe Wechsler with 21077 Powerline Road (Isram Realty Group, Emerald Empire, Google Maps)
    Emerald Empire pays $25M for shopping center near Boca Raton
    Emerald Empire pays $25M for shopping center near Boca Raton
    Sterling Organization managing principal and CEO Brian Kosoy and Coral Landings III at 6166 and 6200 West Sample Road (Sterling Organization, LoopNet)
    Sterling drops $37M for Coral Springs shopping center anchored by Best Buy
    Sterling drops $37M for Coral Springs shopping center anchored by Best Buy
    Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
    Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
    Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
    Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    arrow_forward_ios

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

    Loading...