December 10, 2018

Downtown Delray Beach office building sells for $31M

By South Florida Business Journal

A recently renovated office/restaurant building in downtown Delray Beach was sold for $31 million.

RMS Properties IX LLC, led by Roshan Shoffet of Schaumbrg, Illinois, sold the building at 110 E. Atlantic Ave. to Rosebud 110 LLC, managed by local developer Craig Menin. Miami Lakes-based BankUnited provided a $26.5 million loan to the buyer.

The building, which was recently renovated, totals 47,718 square feet. It has 5,079 square feet of restaurant space, and the rest is offices. It has 132 underground parking spaces.

The building was constructed on the 0.46-acre site in 1976. It last traded for $8.5 million in 2014, and the renovations significantly increased its value at a time when downtown Delray Beach has become a popular dining and shopping destination.

Menin said he bought the building because there’s a rising demand for Class A office space in Delray Beach.

“The ability to acquire an additional 143 feet on Atlantic [Avenue] along with the single largest commercial building on that stretch of Atlantic Avenue — which has been completely renovated — made sense,” Menin said. “The ground floor space has one bay not yet lease and there are two fully built out spaces on the second floor not yet leased.”

Menin Development owns numerous properties in downtown Delray Beach. It’s currently planning both a hotel and a food hall.

View Source: