| Special to The Post
A Wawa-anchored shopping plaza west of Delray Beach that opened just 15 months ago has sold for $13.25 million. The per-square footage price is $515.
“We had no intention of selling the shopping center, which is fully leased but we got an unsolicited offer that we decided to accept,” said Ross Feurring, a spokesman for Boca Raton-based Banyan Development.
The company is looking to reinvest the proceeds from the sale into another project in Palm Beach County, Feurring said, adding that he expects to be able to make an announcement by February.
The new owner of the 25,720-square-foot plaza at the southwest corner of State Road 7 and West Atlantic Avenue is 441 Atlantic Realty LLC of Port Jefferson, N.Y.
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“We believe there continues to be a strong demand for commercial projects in the region,” Feurring said. “If it is possible, we very much want to build again in the area.”
The deal was agreed to in August. Tenants, in addition to the 16-bay Wawa, include a dental office, a veterinarian, a liquor store and a pizza shop that recently opened. The site covers 2.7 acres. Efforts to obtain comment from 441 Atlantic Realty were unsuccessful.
Few retail centers in South Florida have been sold since the Covid-19 pandemic started. The South Florida Business Journal reports that retailers in suburban areas have generally done better than those in areas dependent on tourism or office dwellers.
This sale is the second commercial transaction to have taken place this year west of Florida’s Turnpike in unincorporated Delray Beach. In February, PEBB Enterprises, a Boca Raton-based real estate investment company, paid $4.2 million for an already county-approved commercial project east of Atlantic Avenue. PEBB Enterprises began building the 30,700-square-foot commercial complex called Plaza Delray in February. It is expected to open by March of next year. Among its tenants will be a modernized version of a Dunkin’ with a drive-thru, restaurants and service-oriented retail stores.
Email Mike Diamond at [email protected]