American Commercial Realty Corporation has acquired a mixed-use property in Delray Beach for $18.3 million. The property, known as King’s Point Shopping Center and Professional Building, is located at 6600 West Atlantic Avenue. It covers 11.5 acres and includes a shopping center of 58,674 square feet and medical office space totaling 19,178 square feet.
The purchase price equates to $235 per square foot for the two-building complex. Rick Baer leads American Commercial Realty, which is based in Palm Beach Gardens.
A team from Colliers, led by Mark Rubin and Bastian Schauer along with attorney Adam Beighley, represented the seller Partners at Kings Point. Partners at Kings Point is based in West Caldwell, New Jersey. The company originally bought the site for $724,800 in 1980 and completed construction on the buildings in 1981.
King’s Point currently has an occupancy rate of 80 percent. Tenants include Famous Deli, Delray Medical Associates, South Florida Vision, Bagel Tree, Point Cleaners and Water’s Edge Dermatology.
Rick Baer stated that American Commercial plans to renovate King’s Point with upgrades to individual storefronts.
Founded in 2001, American Commercial manages a commercial real estate portfolio of three million square feet across nine states according to its website. In 2021, the company purchased Crystal Cove Commons in North Palm Beach for $36.2 million. That property spans 7.9 acres with a retail building of about 75,000 square feet next to a four-story office building constructed in 1982.
Other recent transactions in Delray Beach include Related Fund Management’s acquisition of Aura Delray Beach for $116.9 million—a six-building apartment complex with nearly 300 units on twelve acres—and O’Connor Capital Partners’ purchase of Delray Corner shopping center for $28.8 million. Delray Corner covers nine acres and is anchored by Michaels; it also includes outparcels leased to CVS and Starbucks.
