Press Releases
Marcus & Millichap Brokers Palm Beach County Shopping Center Sale
July 14, 2025
DELRAY BEACH, Fla., July 14, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Delray Corner, an 86,000-square-foot, Michaels and CVS-anchored shopping center located in Delray Beach, Florida. The asset traded for $28.8 million.
“Over 96% occupied by a diverse mix of tenants on triple-net leases with weighted average lease terms of over eight years, Delray Corner provides the buyer with immediate stable cash flow in a submarket with limited vacancy,” said Douglas K. Mandel, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office. Mandel and Zach Levine of Marcus & Millichap represented the seller, Berta Management, and procured the buyer, O’Connor Capital Partners.
“Located at the high-traffic intersection of Military Trail and Atlantic Avenue, which together see over 88,000 vehicles per day, the property benefits from strong visibility and accessibility,” said Levine. “The center is supported by strong demographics, with a five-mile population exceeding 228,000 and an average annual household income of more than $103,200.” Downtown Delray Beach, Atlantic Avenue, and Florida’s Turnpike are all within 3.5 miles.
Originally constructed in 1981 on nine acres, Delray Corner underwent a substantial repositioning in 2023, which included the addition of Michaels, Conviva Care, and the construction of a new Starbucks outparcel. The tenant roster also features Hacienda Restaurant, Enterprise Rent-A-Car, Power Financial Credit Union, and Taso’s Greek Taverna.
“Over 96% occupied by a diverse mix of tenants on triple-net leases with weighted average lease terms of over eight years, Delray Corner provides the buyer with immediate stable cash flow in a submarket with limited vacancy,” said Douglas K. Mandel, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office. Mandel and Zach Levine of Marcus & Millichap represented the seller, Berta Management, and procured the buyer, O’Connor Capital Partners.
“Located at the high-traffic intersection of Military Trail and Atlantic Avenue, which together see over 88,000 vehicles per day, the property benefits from strong visibility and accessibility,” said Levine. “The center is supported by strong demographics, with a five-mile population exceeding 228,000 and an average annual household income of more than $103,200.” Downtown Delray Beach, Atlantic Avenue, and Florida’s Turnpike are all within 3.5 miles.
Originally constructed in 1981 on nine acres, Delray Corner underwent a substantial repositioning in 2023, which included the addition of Michaels, Conviva Care, and the construction of a new Starbucks outparcel. The tenant roster also features Hacienda Restaurant, Enterprise Rent-A-Car, Power Financial Credit Union, and Taso’s Greek Taverna.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
