American Commercial Realty Corporation has acquired a mixed-use property in Delray Beach for $18.3 million. The purchase includes King’s Point Shopping Center and Professional Building, located at 6600 West Atlantic Avenue. The property covers 11.5 acres and consists of a 58,674-square-foot shopping center and an additional 19,178 square feet of medical office space.
The company paid $235 per square foot for the two-building complex. Rick Baer leads American Commercial, which is based in Palm Beach Gardens.
Colliers’ Mark Rubin and Bastian Schauer, along with attorney Adam Beighley, represented the seller, Partners at Kings Point from West Caldwell, New Jersey. Partners at Kings Point originally bought the site for $724,800 in 1980 and completed construction of both buildings a year later.
King’s Point is currently 80 percent occupied with tenants such as Famous Deli, Delray Medical Associates, South Florida Vision, Bagel Tree, Point Cleaners and Water’s Edge Dermatology.
American Commercial plans to renovate the property. Rick Baer stated that upgrades will include improvements to individual storefronts.
American Commercial was founded in 2001 and manages a commercial real estate portfolio totaling three million square feet across nine states. In 2021, the firm purchased Crystal Cove Commons in North Palm Beach for $36.2 million. That property includes a 75,000-square-foot retail building adjacent to a four-story office building built in 1982.
Other recent commercial real estate transactions in Delray Beach include Related Fund Management’s acquisition of Aura Delray Beach for $116.9 million. Aura Delray Beach consists of six apartment buildings with a total of 292 units on twelve acres. In July, O’Connor Capital Partners from New York bought Delray Corner—a shopping center anchored by Michaels—for $28.8 million; the nine-acre site also features outparcels leased to CVS and Starbucks and is currently 96 percent occupied.
