Douglas K. Mandel
Menin Development, Inc. Purchased The Three-Building Retail Center For $33,000,000
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel negotiated the sale of an 84,551-square-foot retail center located at 500 Linton Boulevard in Delray Beach, Florida.
Delray Beach-based Menin Development, Inc. purchased the 100% leased, three-building retail center for $33,000,000, or just more than $390 per square foot. Menin has acquired and/or developed in excess of 3 million square feet in Florida, Virginia, North Carolina, South Carolina, Louisiana and Tennessee.
Mandel represented the seller, Linton 510 LLC, in the transaction.
The deal closed June 20.
New Century Commons consists of three unique components, all with direct frontage on Linton Boulevard, providing great visibility with convenient access to I-95. The center boasts a stunning and fresh approach to architecture, providing an upbeat, modern environment to shop and dine all in one convenient and easy to find location.
PetSmart anchors the former Costco building, occupying 28,762 square feet.
Sporting goods retailer Sports Authority currently occupies 45,173 square feet, but is scheduled to close as part of the big-box chain’s bankruptcy protection plan. The loss of the anchor tenant will temporarily hurt the property’s cash flow and negatively impact traffic at the center, creating multiple hurdles in bringing the deal to the finish line.
“We overcame tremendous challenges that occurred as a result of the center’s anchor tenant, Sports Authority, announcing a bankruptcy during the course of our deal,” commented Mandel. “As of closing, they were selling the inventory and closing the store. However, several tenants have been inquiring about the space, as the location presents a rare opportunity for tenants to access the corridor with tremendous visibility and create synergy with the other tenants in the center. Fortunately, we were able to solidify a deal with a Buyer that recognized this and was able to visualize the growth potential that New Century offered,” he added.
The northwest part of the site features a cleverly designed building totaling 7,400 square feet, which serves as the home for the vastly popular Chipotle Mexican Grill, and Cream, an Italian concept store that features handmade gelato, Italian coffees, fine wines, beers, and handmade pastries. PNC Bank occupies a third stand-alone building.
The shopping center is located on the south side of Linton Boulevard, with approximately 620 feet of frontage, located halfway between Interstate 95 and South Federal Highway (U.S. 1) in the busy Linton Boulevard/Federal Highway retail corridor in Delray Beach, Florida.
June is proving to be an active month for Mandel+Partners. The New Century Commons sale comes on the heels of two additional sales transactions that closed this month.
Douglas K. Mandel, along with and C. Todd Everett, SIOR, Director, NOIPG, negotiated the June 7 sale of314 Clematis, a 27,091-square-foot office building located in West Palm Beach, Florida, Trifecta Partners purchased the two-story office asset for $6.75 million, or approximately $250 per square foot.
On June 8, Mandel closed on the sale of Park Central One, a 76,135-square-foot multi-tenant, suburban office building located at 1100 Park Central Boulevard South in Pompano Beach, Florida for $5.8 million.Douglas Mandel represented the Seller and the Buyer in that transaction.
About Mandel+Partners: Mandel+Partners, based in Marcus & Millichap’s Fort Lauderdale office, provides the full spectrum of services for investors interested in office, industrial, shopping center, and single-tenant net-leased properties, including acquisition, disposition and operating advisory services. The team’s private and institutional clients benefit from extensive, time-sensitive market knowledge, market-leading underwriting, unrivaled transactional expertise and meticulous, hands-on involvement in all aspects of each and every transaction. Mandel+Partners leverages the power of its sales force, the Marcus & Millichap nationwide network and the entire brokerage community to ensure maximum exposure for each of its listings. For more information, please call 954.245.3465 or visit http://www.mandelpartnerscre.com.