River Oaks Properties Acquires Shop Delray Retail Asset For $25.5M

River Oaks Properties, a Texas-based owner-operator of Class-A shopping centers, has recently acquired the newly constructed Shop Delray in Palm Beach County, Florida. The 33,000-square-foot open-air neighborhood shopping center was purchased from Banyan Development for approximately $25.5 million. Shop Delray is located at the corner of W Atlantic Avenue and Lyons Road, where West Delray Beach and Boca Raton intersect. The retail asset is anchored by Joseph's Classic Market, a family-owned Italian specialty market, and is fully leased to a mix of restaurant, lifestyle, medical service, and retail tenants.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $25,500,000
• Address: 8918 W Atlantic Ave, Delray Beach
• Market: Delray Beach
• Square footage: 34,000
• Price per square foot: $750

Pegasus Investments Real Estate Advisory Inc. represented River Oaks Properties in the transaction. David Chasin and Daylin Ackerman from Pegasus served as the brokers for the deal. Ross Feurring and Jason Sher of Banyan Development were responsible for developing Shop Delray. This acquisition adds a trophy-quality retail asset to River Oaks' portfolio.