Marcus & Millichap Inc. recently brokered the sale of Delray Corner, an 86,000-square-foot shopping center in Delray Beach, Florida, for $28.8 million. Anchored by Michaels and CVS, the center boasts over 96% occupancy with tenants on triple-net leases and an average lease term of over eight years, offering the buyer stable cash flow. Located at the bustling intersection of Military Trail and Atlantic Avenue, the property benefits from strong visibility and accessibility. Originally built in 1981, Delray Corner underwent significant renovations in 2023, adding notable tenants such as Starbucks. Marcus & Millichap's Douglas K. Mandel and Zach Levine represented the seller, Berta Management, and secured the buyer, O'Connor Capital Partners.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.