Publix-anchored Delray Square sells for $48M

Plaza is 96% leased, with Hobby Lobby slated to open in 2022

Miami /
Feb.February 08, 2022 01:30 PM

From left: Joseph, Toney and Eli Sleiman of Sleiman Enterprises; Graeme (Greg) Keith Jr. and Graeme Keith Sr. of The Keith Corporation (LoopNet, Sleiman Enterprises, The Keith Corporation)

Jacksonville-based Sleiman Enterprises bought the Publix-anchored Delray Square shopping plaza for $48 million, marking continued appetite for retail centers with grocers.

Records show an affiliate of The Keith Corporation, based in Charlotte, North Carolina, sold the 162,412-square-foot, multi-building property at 14620 South Military Trail, as well as at 4751 and 4789 West Atlantic Avenue in Delray Beach. The buyer is Delray Square Land Trust, with Property Management Support as trustee, which ties to Sleiman Enterprises.

The buyer borrowed $32.5 million from The Guardian Life Insurance Company of America for the purchase.

(Source: ISRAM Realty Group)

Delray Square, built in 1976 on 16 acres, was redeveloped in 2019, with improvements including roof renovation, LED lighting in the parking lot, facade overhaul and several new buildings, according to a Sleiman Enterprises news release. Publix relocated to one of the newly constructed buildings, in a 45,600-square-foot space.

Hobby Lobby is moving into the building with the renovated roof this year, the release states.

Delray Square is 96 percent leased. Other tenants include Walgreens, Chipotle and Chick-fil-A.

The Keith Corporation, led by Graeme and Greg Keith, bought the plaza out of foreclosure in 2014 for $7.7 million, records show. As part of the renovation, The Keith Corporation also demolished a movie theater.

Founded in 1989, The Keith Corporation has developed more than 400 commercial real estate projects spanning over 44 million square feet and worth $3.6 billion, according to its website. It has projects throughout the U.S., as well as in Australia, Canada, Mexico and the United Kingdom. It also has brokerage, acquisition and property management divisions.

Family owned Sleiman Enterprises traces its roots to 1955 when husband-and-wife Eli and Josephine Sleiman started buying investment properties in and near Jacksonville, which eventually led them to develop 7-Elevens, according to the company’s website. As the firm grew, it increasingly focused on projects anchored by marquee tenants such as Publix, Bed Bath & Beyond, Target and BJ’s Wholesale Clubs, with its portfolio spanning the Southeast U.S.

Sleiman Enterprises is led by Principals Toney, Joe and Eli Sleiman.

The deal comes as the South Florida retail market is seeing vacancies drop and rents creep up.

The Palm Beach County vacancy dropped to 4.9 percent in the fourth quarter of last year, from 5.2 percent in the same quarter of 2020, according to a Colliers report. Year-over-year, the average asking rent reached $27 a square foot, up from $23.44 a square foot.

Although the market took a hit during the pandemic lockdown and continued growth of e-commerce, grocer-anchored plazas remained in demand. In December, Union Investment bought the Publix-anchored, fully leased Fountains of Boynton shopping center for $79.5 million.





    Related Articles

    arrow_forward_ios
     E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Paul Saunders with 2700 North Ocean Drive (LinkedIn, Redfin)
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    The property at 102 Jungle Road with Ivana Trump and Tomas Maier (Google Maps, Getty, Wikipedia)
    Ivana Trump’s former Palm Beach mansion sells for $73M
    Ivana Trump’s former Palm Beach mansion sells for $73M
    From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
    Yamato Office Center in Boca Raton trades for $46M
    Yamato Office Center in Boca Raton trades for $46M
    An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
    Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
    Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
    151 Chilean Avenue in Palm Beach (Realtor.com, iStock)
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    O’Connor Capital's William O’Connor and 151 Worth Avenue (O’Connor Capital Partners, Google Maps)
    Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
    Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
    Pantzer's Jason and Jordan Pantzer with The District Flats apartment complex at 1701 Clare Avenue (Pantzer Properties, Google Maps)
    Pantzer pays $78M for West Palm Beach apartment complex
    Pantzer pays $78M for West Palm Beach apartment complex
    arrow_forward_ios

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

    Loading...