American Commercial Realty Corporation bought a Delray Beach mixed-use project for $18.3 million.
An affiliate of Palm Beach Gardens-based American Commercial, led by Rick Baer, acquired King’s Point Shopping Center and Professional Building at 6600 West Atlantic Avenue, a press release states. The 11.5-acre property consists of a 58,674-square-foot shopping center and 19,178 square feet of medical office space.
American Commercial paid $235 a square foot for the two-building complex.
A Colliers team led by Mark Rubin and Bastian Schauer, and attorney Adam Beighley represented the seller, West Caldwell, New Jersey-based Partners at Kings Point, the release states.
Partners at Kings Point bought the property for $724,800 in 1980, and completed the two buildings a year later, records show.
King’s Point is 80 percent occupied, and has a mix of long-term tenants including Famous Deli, Delray Medical Associates, South Florida Vision, Bagel Tree, Point Cleaners and Water’s Edge Dermatology, a Colliers spokesperson said.
American Commercial plans to renovate King’s Point, including upgrades to individual storefronts, Baer said in a statement.
Founded in 2001, American Commercial manages a 3 million-square-foot commercial real estate portfolio across nine states, the firm’s website states. In 2021, American Commercial bought Crystal Cove Commons, a mixed-use property in North Palm Beach. The firm paid $36.2 million for the 7.9-acre site consisting of a 75,000-square-foot retail building next to a four-story office building built in 1982.
In other recent commercial real estate deals in Delray Beach, Related Fund Management dropped $116.9 million for Aura Delray Beach, a six-building apartment complex with 292 units on 12 acres.
In July, New York-based O’Connor Capital Partners acquired a Delray Beach shopping center anchored by Michaels, and two outparcels leased to CVS and Starbucks. O’Connor paid $28.8 million for the 9-acre Delray Corner, which is 96 percent occupied.
