{"id":1004147004,"date":"2016-06-29T09:06:25","date_gmt":"2016-06-29T17:06:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147004"},"modified":"2022-03-04T07:29:46","modified_gmt":"2022-03-04T15:29:46","slug":"marcus-millichap-arranges-miami-metro-retail-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arranges-miami-metro-retail-deal\/","title":{"rendered":"Marcus &amp; Millichap Arranges Miami Metro Retail Deal"},"content":{"rendered":"<p><em>By Robert Demeter<\/em><\/p>\n<div id=\"attachment_1004147008\" style=\"width: 256px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147008\" data-attachment-id=\"1004147008\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arranges-miami-metro-retail-deal\/1466621889_aview\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg\" data-orig-size=\"800,509\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"New Century Commons\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;New Century Commons&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg?w=800\" class=\"wp-image-1004147008\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg\" alt=\"New Century Commons\" width=\"246\" height=\"157\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg?resize=300,191 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg?resize=768,489 768w\" sizes=\"auto, (max-width: 246px) 100vw, 246px\" \/><\/a><p id=\"caption-attachment-1004147008\" class=\"wp-caption-text\"><em>New Century Commons<\/em><\/p><\/div>\n<p><strong>Miami<\/strong>\u2014<a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Marcus &amp; Millichap<\/a> has negotiated the sale of New Century Commons, an 84,551-square-foot three-building retail center located in Delray Beach. <a href=\"https:\/\/www.menin.com\/#&amp;panel1-1\" target=\"_blank\" rel=\"noopener\">Menin Development Inc.<\/a> acquired the 100 percent leased property for $33 million, roughly $390 per square foot. Douglas Mandel, a senior vice president at the firm and senior director at the company\u2019s Institutional Property Advisors division represented the seller, Linton 510 LLC, in the transaction. The deal closed June 20.<\/p>\n<p>New Century Commons, located at 500 Linton Boulevard, consists of three unique components, all with direct frontage to the street, providing great visibility and convenient access to I-95. The main buildings\u2019 anchor tenant, Sports Authority, which currently occupies 45,173 square feet, is scheduled to close as part of the chain\u2019s bankruptcy protection plan. The loss of the tenant will temporarily hurt the property\u2019s cash flow and negatively impact traffic at the center. The additional 28,762 square feet of the building is occupied by PetSmart.<\/p>\n<p>\u201cWe overcame tremendous challenges that occurred as a result of the center\u2019s anchor tenant, Sports Authority, announcing a bankruptcy during the course of our deal,\u201d said Mandel. \u201cAs of closing, they were selling the inventory and closing the store. However, several tenants have been inquiring about the space, as the location presents a rare opportunity for tenants to access the corridor with tremendous visibility and create synergy with the other tenants in the center. Fortunately, we were able to solidify a deal with a Buyer that recognized this and was able to visualize the growth potential that New Century offered.\u201d<\/p>\n<p>The northwest part of the site features a 7,400-square-foot building, which serves as the home for Chipotle Mexican Grill, and Italian concept store, Cream. PNC Bank occupies a third stand-alone building.<\/p>\n<p><em>Courtesy photo<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Currently, the property is 100 percent leased, but the anchor tenant filed for bankruptcy, which will negatively impact traffic at the center.<\/p>\n","protected":false},"author":59,"featured_media":1004147008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21742,21749],"tags":[],"class_list":["post-1004147004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Marcus &amp; Millichap Arranges Miami Metro Retail Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arranges-miami-metro-retail-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcus &amp; Millichap Arranges Miami Metro Retail Deal\" \/>\n<meta property=\"og:description\" content=\"Currently, the property is 100 percent leased, but the anchor tenant filed for bankruptcy, which will negatively impact traffic at the center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arranges-miami-metro-retail-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-06-29T17:06:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T15:29:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1466621889_aview.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"509\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robert Demeter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-arranges-miami-metro-retail-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-arranges-miami-metro-retail-deal\\\/\"},\"author\":{\"name\":\"Robert Demeter\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b890baecdbd25af52e3a730ac8cff6f\"},\"headline\":\"Marcus &amp; 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