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Delray Beach Retail Center Flips for $28.8M
O’Connor Capital Partners has picked up a Delray Beach shopping center for $28.8 million. Berta Management was the seller of the 86,000-square-foot center, which is anchored by CVS.
Douglas Mandel and Zach Levine of Marcus & Millichap represented Berta Management and procured O’Connor Capital Partners.
Mandel added, “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.”
Originally constructed in 1981 on nine acres, Delray Corner underwent a substantial repositioning in 2023, which included the addition of Michaels, Conviva Care, and the construction of a new Starbucks outparcel. The tenant roster also features Hacienda Restaurant, Enterprise Rent-A-Car, Power Financial Credit Union, and Taso’s Greek Taverna.
- ◦Sale/Acquisition
