Delray Retail Plaza Trades For More Than $315 PSF
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Barry Wolfe, Senior Director of both Marcus & Millichap’s National Retail Group and Net Leased Properties Group and Alan Lipsky, an Associate with Marcus & Millichap’s National Retail Group, negotiated the sale of Lincoln Park, 40,747-square-foot multi-tenant shopping center located at 5859 West Atlantic Ave. in Delray Beach.
The deal closed September 28.
Pineapple Grove Association, LLC, an entity managed by Craig Romer and Bob Dockerty, purchased the 1985-built center for $12,850,000, or approximately $315 per square foot, from Lincoln Park LLC, an entity controlled by Michael Janoura of Janoura Realty & Management. It last traded for $2.9 million in 1999.
Mandel, Wolfe and Lipsky represented both the buyer and seller in the transaction.
“Tenant and investor demand continue to rise with the ongoing revitalization and excitement that Delray Beach has been experiencing since 2014,” commented Mandel. “Lincoln Park is poised for long-term stability and success.”
The center, which includes five acres of land, was 100 percent occupied at the time of the sale with a great mix of retail, professional and medical tenants. It has historically experienced very strong occupancy with 40 percent of the tenants having been in place for more than 15 years.
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