Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been selected to exclusively market for sale the Love Family Building, a 5,753 square-foot, two-tenant retail asset in Delray Beach, Florida. The price is $8 million.
“This is an extraordinary and rare opportunity for an investor to acquire a prime retail asset in the heart of downtown Delray Beach, FL” says Howard Bregman, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. “Tenant demand and development continue to rise in Delray Beach - especially with the revitalization and redevelopment of the Delray Beach Art District, which has transformed the area into a major tourist attraction.”
Bregman is representing the seller, a private owner, that has owned the property for over 78 years.
The property is in the heart of downtown Delray Beach, FL. The Love Family Building is located at 310 E. Atlantic Avenue on the South side of Atlantic Avenue between Southeast 3rd Avenue and Southeast 4th Avenue on the premier block in prime downtown Delray Beach.
The property also sits directly in front of the future Delray City Market, a 120,000 square foot, four-story, mixed-use building and directly adjacent to Urban Outfitters, and on the same block as SunTrust Bank and Capital One Bank & café.
Constructed in 1940, the Love Family Building consists of two retail units which are currently occupied by two tenants on a short-term lease well below the current market rents.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
