Prime South Florida Retail Asset Hits the Market for the First Time in 78 Years at $8 Million

February 1, 2019

Prime South Florida Retail Asset Hits the Market for the First Time in 78 Years
at $8 Million

 

DELRAY BEACH, Fla., January 28, 2019 – 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.

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