By Balazs Szekely, Associate Editor
Shoppes of Delray, a 23,094-square-foot neighborhood shopping center, changed hands recently. Pebb Enterprises Shoppes of Delray, LLC, an entity affiliated with Pebb Enterprises, sold the property to Perkins Realty Management LLC.
Located in Delray Beach, the retail center faces the heavily trafficked Military Trail just north of Atlantic Ave. The seller hired CBRE to market the asset for sale and negotiate the transaction—First Vice President David Donnellan and Senior Financial Analyst Patricia Friend of CBRE managed the sale. The team is part of CBRE’s Fort Lauderdale Investment Properties Group, which focuses on the disposition of multi-tenant shopping centers in South Florida. The buyer was represented by Regional Managing Partner Greg Matus of Franklin Street Real Estate Services in South Florida.
“The market for well located, unanchored retail centers in infill locations is in very high demand,” said Donnellan in a prepared statement. “Shoppes of Delray is poised for long-term stability and success due to its prime southern Palm Beach County location. The property will continue to benefit from a trade area population base that has been gradually trending from a predominantly senior citizen profile to a younger demographic.”
Photo credit: CBRE