ComNet Realty sold a Delray Beach shopping center for $16.2 million to the owner of a New York-based grocery chain.
An entity managed by Eduard Shnayder, founder of NetCost Market, acquired Peachtree Plaza, a 63,176-square-foot shopping center at 5850 Atlantic Avenue and an adjacent outparcel, records and real estate database Vizzda show. The buyer partially financed the purchase with a $7.7 million loan from Southstate Bank.
The deal breaks down to $245 a square foot.
An affiliate of Delray Beach-based ComRealty, led by CEO Harry Zuker, bought the 7.3-acre retail site for $3.4 million in 2007, records show. Peachtree Plaza was completed in 1986.
The shopping center’s tenant roster includes Papa John’s Pizza, Dedicated Senior Medical Centers of Florida and Christopher Too Salon. Peachtree Plaza currently has 11,864 square feet of space for lease, an online listing shows.
With 13 stores along the East Coast, NetCost Market specializes in food products from Eastern European nations such as Ukraine, Russia, Georgia, Belarus, Slovenia, Moldova and Uzbekistan, published reports state. Last year NetCost Market opened its first store in South Florida: a 27,000-square-foot supermarket at Oakwood Plaza in Hollywood.
Outdoor shopping centers are still the darlings of South Florida’s retail sector. This month, San Francisco-based Stockbridge Capital Group picked up the retail component of Uptown Boca for $118.4 million. The 150,591-square-foot shopping center is anchored by a Whole Foods Market, and other tenants include REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense.
Also this month, Palm Beach Gardens-based American Commercial Realty Corporation paid $18.3 million for King’s Point Shopping Center and Professional Building in Delray Beach.
July saw a flurry of shopping center deals. In Miami Gardens, Todd Nepola’s Hollywood-based Current Capital Group bought a 166,500-square-foot retail plaza and an adjacent 16,000-square-foot outparcel for $33 million. The site is 95 percent occupied and is anchored by two big box stores leased to Ross Dress for Less and dd’s Discounts. Other tenants include Family Dollar, Dollar Tree, Wingstop, Davita Medical, Bank of America and Subway.
In Miramar, Boston-based Longpoint paid $34 million for a 167,840-square-foot retail complex anchored by Presidente Supermarket. And in Delray Beach, New York-based O’Connor Capital Partners dropped $28.8 million for a 86,000-square-foot retail complex anchored by Michaels and two outparcels leased to CVS and Starbucks.
