Berta Management sold Delray Corner — an 86,000-s.f. shopping center in Delray Beach — to O’Connor Capital Partners for $28.8M.
Property: Delray Beach, Fla., Shopping Center
Price: $28.8M
Seller: Berta Management
Buyer: O’Connor Capital Partners
The property is occupied by a well-curated tenant mix, including Michaels, CVS, Enterprise Rent-A-Car, Hacienda Restaurant, Power Financial Credit Union and Taso’s Greek Taverna.
“Over 96% occupied by a diverse mix of tenants on triple-net leases with weighted average lease terms of over eight years, Delray Corner provides the buyer with immediate stable cash flow in a submarket with limited vacancy,” said Douglas Mandel, Executive Managing Director at Marcus & Millichap, who, along with Zach Levine, Senior Associate at Marcus and Millichap, represented the seller and procured the buyer.
Constructed in 1981, the shopping center sits on nine acres and is within 3.5 miles of downtown Delray Beach, major thoroughfare Atlantic Avenue and Florida’s turnpike.
“Located at the high-traffic intersection of Military Trail and Atlantic Avenue, which together see over 88,000 vehicles per day, the property benefits from strong visibility and accessibility,” said Levine. “The center is supported by strong demographics, with a five-mile population exceeding 228,000 and an average annual household income of more than $103,200.”
