American Commercial Realty Corporation has acquired the King’s Point Shopping Center and Professional Building in Delray Beach for $18.3 million, according to a press release. The property, located at 6600 West Atlantic Avenue, includes an 11.5-acre site with a 58,674-square-foot shopping center and 19,178 square feet of medical office space.
The purchase price equates to $235 per square foot for the two-building complex. The seller was Partners at Kings Point, based in West Caldwell, New Jersey. A Colliers team led by Mark Rubin and Bastian Schauer, along with attorney Adam Beighley, represented the seller.
Partners at Kings Point originally purchased the property for $724,800 in 1980 and completed construction of the two buildings in 1981.
A spokesperson from Colliers said that 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.
Rick Baer of American Commercial stated that the company plans to renovate King’s Point with upgrades to individual storefronts.
American Commercial Realty Corporation was founded in 2001 and manages a commercial real estate portfolio totaling three million square feet across nine states. In 2021, the firm acquired Crystal Cove Commons in North Palm Beach for $36.2 million. That mixed-use property covers 7.9 acres and includes a retail building measuring approximately 75,000 square feet next to a four-story office building built in 1982.
Recent commercial real estate activity in Delray Beach includes Related Fund Management’s acquisition of Aura Delray Beach—a six-building apartment complex on twelve acres—for $116.9 million. In July this year, O’Connor Capital Partners from New York bought Delray Corner—a shopping center anchored by Michaels—along with outparcels leased to CVS and Starbucks for $28.8 million; this nine-acre property is currently 96 percent occupied.
