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Delray Beach Retail Center Sells for a Loss
Benderson Development paid $28 million for a Delray Beach shopping center. The seller of the 89,158-square-foot Linton Commons was Menin Development. The property last traded for $33 million in 2016. The shopping center was built on the 9.2-acre site in 1990.
The S. Florida Business Journal reports In 2020, Menin filed plans to demolish most of the shopping center and build 274 apartments in five stories. In early 2021, the city granted preliminary approval for the project with 277 units. The main building would be demolished, but the outparcel buildings housing AT&T, Chipolte and PNC Bank would have remained. PetSmart and Guitar Center are currently tenants in the building that was slated to be replaced.
Benderson Development says it doesn’t have any immediate plans for the property.
- ◦Sale/Acquisition
