Marcus & Millichap Arranges Miami Metro Retail Deal
- Jun 29, 2016
Miami—Marcus & Millichap has negotiated the sale of New Century Commons, an 84,551-square-foot three-building retail center located in Delray Beach. Menin Development Inc. 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’s Institutional Property Advisors division represented the seller, Linton 510 LLC, in the transaction. The deal closed June 20.
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’ anchor tenant, Sports Authority, which currently occupies 45,173 square feet, is scheduled to close as part of the chain’s bankruptcy protection plan. The loss of the tenant will temporarily hurt the property’s cash flow and negatively impact traffic at the center. The additional 28,762 square feet of the building is occupied by PetSmart.
“We overcame tremendous challenges that occurred as a result of the center’s anchor tenant, Sports Authority, announcing a bankruptcy during the course of our deal,” said Mandel. “As 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.”
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.