CBRE Sells Multi-Tenant Retail Center In Delray Beach

CBRE arranged the sale of Delray Commons, a 68,292-square-foot, multi-tenant retail center located at 5020-5080 Atlantic Avenue in Delray Beach.
Mall 5020 LLC purchased the property for $10,750,000. The seller was Delray Commons, LLC, affiliated with Boca Raton-based Pebb Enterprises, which hired CBRE to market the asset for sale and negotiate the transaction.
The shopping center is anchored by World Gym and is 98% leased with a mix of local and national retail and service tenants. Other key tenants include Burger King and CJ’s Sports Bar & Grill.
 

“The market for well located, anchored retail centers in in-fill locations are in very high demand,” said David J. Donnellan, First Vice President with CBRE. “Delray Commons is poised for long term stability and success due to its prime southern Palm Beach county location at the major retail intersection of Military Trail and Atlantic Avenue in western Delray Beach. Additionally, the property will continue to benefit from a trade area population base that has been gradually trending from a predominantly senior citizen profile to a younger demographic.”

This is Pebb Enterprises‘ second retail asset disposition in as many weeks.  CRE-sources recently reported that CBRE negotiated the sale of Palm Square, a 77,705-square-foot, multi-tenant retail center located at 9801-9965 Pines Boulevard in Pembroke Pines on behalf of Pebb for $17,600,000.
David Donnellan and Patricia Friend of CBRE managed the sale. Based in Fort Lauderdale, they are part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.
 

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