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

8918 West Atlantic Avenue
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This Retail property located in FL was sold for $25,500,000 over 1 year ago. The brokers of the deal were David B. Chasin and Daylin Ackerman

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.

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Deals
  • Location
    8918 West Atlantic Avenue, Delray Beach, Florida 33446, United States8918 West Atlantic Avenue, Delray Beach, Florida 33446, United States
  • Sale Price
    $25,500,000$25,500,000
    $750 PPSF$750 PPSF
  • Area
    34,000 SF34,000 SF
  • Asset Type
    RetailRetail
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Daylin Ackerman

Daylin Ackerman

Deals1
Sold$25.5M

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Deal Summary

SALE IMAGE: David Chasin & Daylin Ackerman DATE: 06/30/2022 ADDRESS: 8918 W Atlantic Ave MARKET: Delray Beach ASSET TYPE: Retail BUYER: River Oaks Properties (@River_Oaks_Properties) SELLER: Banyan Development BROKERS: David Chasin (@DavidChasin) & Daylin Ackerman (@DaylinAckerman) - Pegasus Investments Real Estate Advisory Inc. SALE PRICE: $25,500,000 SF: 34,000 ~ PPSF: $750 NOTE FROM BROKERS: On behalf of River Oaks Properties ("River Oaks"), a Texas-based owner-operator of Class-A shopping centers, Pegasus Investments Real Estate Advisory Inc. ("Pegasus") is pleased to announce the recent acquisition of the newly constructed Shop Delray, a 33,000 square foot, open-air neighborhood shopping center in Palm Beach County, Florida. Acquired by River Oaks from Banyan Development for approximately $25.5 million, Shop Delray is a trophy-quality retail asset located at the corner of W Atlantic Avenue and Lyons Road, where West Delray Beach and Boca Raton intersect. Anchored by Joseph's Classic Market, a family-owned Italian specialty market, Shop Delray is 100% leased to an exciting mix of restaurant, lifestyle, medical service, and retail tenants, including Warren American Whiskey Kitchen, Club Pilates, Nekter, Ripe, and Mattress Xperts. Shop Delray was developed by real estate industry veterans Ross Feurring and Jason Sher of Boca Raton, Florida-based Banyan Development.

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8918 West Atlantic Avenue

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