Benderson Advancement bought a procuring centre in Delray Beach front for $28 million, marking the firm’s ongoing financial investment in South Florida retail properties.
Sarasota-primarily based Benderson procured Linton Commons at 500, 510 and 520 West Linton Boulevard from Menin Development, according to data and authentic estate database Vizzda.
The 85,000-square-foot Linton is composed of three a person-tale properties concluded in 1990, 2008 and 2009 on 9 acres, documents present.
Tenants contain RH Outlet, Guitar Heart, PetSmart, Chipotle and AT&T, according to a Benderson information launch saying the obtain.
Menin Growth, led by Craig Menin, experienced paid $33 million for the buying heart in 2016, The Genuine Offer earlier documented.
In 2021, Delray Seashore-centered Menin prepared to redevelop the major retail constructing on the south portion of the lot into a 5-story condominium project with 277 units. The two outparcel properties on the north aspect of the assemblage weren’t part of the redevelopment proposal. At the time, the advanced was feeling the impacts of several tenants acquiring submitted for bankruptcy and a single shelling out decreased hire, a Menin consultant informed Delray Seaside commissioners in January 2021. The organization obtained preliminary acceptance for the multifamily challenge at the time, nevertheless it didn’t commence development.
Benderson has no instant programs for the assets, a business spokesperson stated. She didn’t quickly give the occupancy level.
Launched by the late Nathan Benderson in 1949, the firm’s portfolio spans 54 million sq. feet across 800 properties in 41 states, in accordance to the company’s release. Nathan Benderson’s son, Randall Benderson, and grandson, Shaun Benderson, now direct the firm.
In August, Benderson bought a Publix-leased making at 1140 Southwest 36th Avenue in Pompano Beach for $7.1 million. The deal marked a comeback for the business to South Florida, immediately after it went on a purchasing spree in 2018 and 2019 for closed Toys “R” Us outlets adhering to the retailer’s bankruptcy filing. Benderson paid out $6.5 million for a Toys “R” Us internet site at 3195 PGA Boulevard in Palm Beach Gardens, and $13.8 million for two store parcels at 1635 Northwest 107 Avenue and 1645 Northwest 107th Avenue in Doral.
Benderson’s Linton Commons purchase arrives amid an uptick in South Florida retail financial investment sales. Activity had nosedived all through the to start with fifty percent of the 12 months due to larger interest fees.
In October, Longpoint Realty Partners acquired a Fresco y Mas-anchored plaza on the southwest corner of Southwest Eighth Road and Southwest 67th Avenue around West Miami for $49.3 million. That came on the heels of Edens’ acquire of the Shadowood Sq. shopping plaza at 9789 Glades Highway in close proximity to Boca Raton for $88.4 million in August.
