ComNet Realty has sold Peachtree Plaza, a shopping center in Delray Beach, Florida, for $16.2 million. The buyer is an entity managed by Eduard Shnayder, who is the founder of NetCost Market, a grocery chain based in New York.
Peachtree Plaza is located at 5850 Atlantic Avenue and includes an adjacent outparcel. According to records and data from Vizzda, the property spans 63,176 square feet. The purchase was partially financed with a $7.7 million loan from Southstate Bank. This transaction values the property at approximately $245 per square foot.
The seller is an affiliate of ComRealty, a company based in Delray Beach and led by CEO Harry Zuker. Records show that ComRealty acquired the 7.3-acre retail site for $3.4 million in 2007. Peachtree Plaza was originally completed in 1986.
Current tenants at Peachtree Plaza include Papa John’s Pizza, Dedicated Senior Medical Centers of Florida, and Christopher Too Salon. There are presently 11,864 square feet available for lease.
NetCost Market operates 13 stores along the East Coast and specializes in food products from Eastern European countries such as Ukraine, Russia, Georgia, Belarus, Slovenia, Moldova and Uzbekistan. Last year the company opened its first South Florida location—a 27,000-square-foot supermarket at Oakwood Plaza in Hollywood.
The sale comes amid ongoing interest in outdoor shopping centers within South Florida’s retail market. Earlier this month Stockbridge Capital Group purchased Uptown Boca’s retail component for $118.4 million; the center is anchored by Whole Foods Market and features other national retailers such as REI and Sephora.
Also this month American Commercial Realty Corporation bought King’s Point Shopping Center and Professional Building in Delray Beach for $18.3 million.
In July there were several significant transactions involving shopping centers: Current Capital Group acquired a Miami Gardens plaza for $33 million; Longpoint purchased a Miramar retail complex anchored by Presidente Supermarket for $34 million; O’Connor Capital Partners paid $28.8 million for another Delray Beach retail complex anchored by Michaels with outparcels leased to CVS and Starbucks.
