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Suntrust Bank Sells Delray Location

By Brian Bandell / Senior Reporter / South Florida Business Journal November 2017

An affiliate of the Canyon Real Estate Partners acquired a building on downtown Delray Beach’s hot Atlantic Avenue for $18.01 million.

The Los Angeles-based company has invested billions of dollars in urban areas across the country. Now add downtown Delray Beach to that list.

Suntrust Bank (NYSE: STI) sold its ground lease for the 13,902-square-foot building on 0.61 acres at 302 E. Atlantic Ave. to Pierre Delray One LLC, an affiliate of Canyon-Johnson. The price equated to $1,295 a square foot for the building, or $678 per square foot for the land.

SunTrust is the main tenant in the two-story building, which was built in 1929. The deal also included the parking lot between Southeast Third Avenue and the FEC Railway.

Today's Commercial Update Delray Beach:

https://www.bisnow.com/tags/delray-beach

Recent Commercial Real Estate news

Developer pays $15.9 million for land to build Pines City Center

Paul Owers / Sun Sentinel / September 2016

Pines City Center in Pembroke Pines is expected to break ground later this year after the developer announced that it bought a 17-acre tract for $15.9 million.

The Terra real estate firm said the land will be part of the first phase of the 47-acre project at the southwest corner of Pines Boulevard and Palm Avenue. Publix Supermarkets will anchor the 200,000-square-foot first phase, which should open in 2017, Terra said.

The second phase will include 100,000 square feet of commercial space, 385 apartments and a movie theater.

"We're seeing a surge in demand for new retail and lifestyle offerings in the area," said David Martin, president and co-founder of Coconut Grove-based Terra, in a statement.

Delray Retail Hot Market

Brian Bandell / South Florida Business Journal / June 2016

Menin Development picked up two retail properties in the hot shopping and dining market of Delray Beach for a combined $58.6 million.

In the larger transaction, Linton 510 LLC, managed by Yaniv Sananes in Miami Beach, sold the 84,551-square-foot New Century Commons at 500 W. Linton Blvd. for $33 million. The seller was represented by Douglas K. Mandel of Marcus & Millichap. Menin Development’s NCC Rosebud Two secured a $26.4 million loan from Goldman Sachs Bank.

Lender takes $4.4 million loss on sale of foreclosed office buildings

Brian Bandell / South Florida Business Journal / June 2016

A lender disposed of a pair of foreclosed medical office buildings in Boynton Beach, resulting in a $4.35 million loss to a loan fund, according to Trepp LLC.

U.S. Bank, representing a commercial mortgage-backed securities (CMBS) trust, won a $10.5 million foreclosure judgement in March against El Clair Ltd., managed by Kerry A. Greenwald in Boca Raton, over a loan with $9.67 million in principal outstanding. Greenward was not named in the judgment.

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