Delray Beach, FL – July 1, 2015 – (RealEstateRama) — 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, Florida. 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.”
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Melinda Sherwood
305.381.6453
melinda.sherwood (at) cbre (dot) com
