Delray Beach, FL – October 23, 2015 – CBRE arranged the sale of Shoppes of Delray, a 23,094-square-foot, multi-tenant retail center located at 14400-14428 Military Trail in Delray Beach, Florida. Perkins Realty Management LLC purchased the property for $5,100,000. The seller was Pebb Enterprises Shoppes of Delray, LLC, affiliated with Boca Raton-based Pebb Enterprises, which hired CBRE to market the asset for sale and negotiate the transaction. The buyer was represented by Greg Matus of Franklin Street Real Estate Services.
“The market for well located, unanchored retail centers in in-fill locations is in very high demand,” saidDavid J. Donnellan, Senior Vice President with CBRE. “Shoppes of Delray is poised for long term stability and success due to its prime southern Palm Beach County location on Military Trail just north of Atlantic Avenue in western Delray Beach. 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.”
David Donnellan and Patricia Friend of CBRE managed the sale on behalf of the seller. Based in Fort Lauderdale, they are part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.