ComNet Realty has sold Peachtree Plaza, a shopping center in Delray Beach, for $16.2 million. The buyer is an entity managed by Eduard Shnayder, the founder of NetCost Market, a grocery chain based in New York.
According to public records and data from Vizzda, the transaction included the 63,176-square-foot shopping center at 5850 Atlantic Avenue and an adjacent outparcel. The purchase was partially financed with a $7.7 million loan from Southstate Bank. The sale price equates to $245 per square foot.
The seller is an affiliate of ComRealty, which is led by CEO Harry Zuker and based in Delray Beach. This affiliate acquired the 7.3-acre property for $3.4 million in 2007. Peachtree Plaza was originally completed in 1986.
Current tenants at Peachtree Plaza include Papa John’s Pizza, Dedicated Senior Medical Centers of Florida, and Christopher Too Salon. An online listing indicates that there are currently 11,864 square feet available for lease at the property.
NetCost Market operates 13 stores along the East Coast and specializes in food products from Eastern European countries such as Ukraine, Russia, Georgia, Belarus, Slovenia, Moldova, and Uzbekistan. Last year, NetCost Market opened its first South Florida location: a supermarket measuring 27,000 square feet at Oakwood Plaza in Hollywood.
The retail sector in South Florida continues to see significant investment activity focused on outdoor shopping centers. Earlier this month Stockbridge Capital Group purchased Uptown Boca’s retail component for $118.4 million; that center spans over 150,000 square feet and features Whole Foods Market as its anchor tenant along with other retailers such as REI and Sephora.
American Commercial Realty Corporation also made a recent acquisition this month—King’s Point Shopping Center and Professional Building in Delray Beach—for $18.3 million.
In July several notable deals occurred: Current Capital Group bought a large retail plaza in Miami Gardens for $33 million; Longpoint paid $34 million for a complex anchored by Presidente Supermarket in Miramar; O’Connor Capital Partners spent nearly $29 million on another Delray Beach retail complex anchored by Michaels with additional outparcels leased to CVS and Starbucks.
