American Commercial Realty Corporation has acquired a mixed-use property in Delray Beach for $18.3 million, according to a press release. The Palm Beach Gardens-based company, led by Rick Baer, purchased the King’s Point Shopping Center and Professional Building located at 6600 West Atlantic Avenue.
The property covers 11.5 acres and includes a 58,674-square-foot shopping center along with 19,178 square feet of medical office space. The acquisition price translates to $235 per square foot for the two-building complex.
A team from Colliers, including Mark Rubin and Bastian Schauer, along with attorney Adam Beighley, represented the seller Partners at Kings Point, which is based in West Caldwell, New Jersey. Partners at Kings Point had previously bought the site for $724,800 in 1980 and completed construction on the buildings in 1981.
Currently, King’s Point is about 80 percent occupied with tenants such as Famous Deli, Delray Medical Associates, South Florida Vision, Bagel Tree, Point Cleaners and Water’s Edge Dermatology.
Rick Baer stated that American Commercial plans to renovate King’s Point with upgrades to individual storefronts.
American Commercial was founded in 2001 and manages a commercial real estate portfolio of three million square feet across nine states. In 2021, it purchased Crystal Cove Commons in North Palm Beach for $36.2 million. That property consists of a 75,000-square-foot retail building adjacent to a four-story office building constructed in 1982.
Other recent commercial transactions in Delray Beach include Related Fund Management’s purchase of Aura Delray Beach—a six-building apartment complex with 292 units—for $116.9 million. In July, O’Connor Capital Partners from New York acquired Delray Corner for $28.8 million; this shopping center is anchored by Michaels and includes outparcels leased to CVS and Starbucks.
