Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Urban Outfitters, a 11,073-square foot, net-leased property located in Delray Beach, Fla. The asset sold for $8,300,000.

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”

Bregman represented the buyer, Menin Development, Inc., in the sale. Last year, he assisted the company in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue.

Located at 306 East Atlantic Avenue, Urban Outfitters is a 11,073-square foot, two-story, single-tenant building that is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com