ComNet Realty has sold Peachtree Plaza, a shopping center in Delray Beach, for $16.2 million. The buyer is an entity managed by Eduard Shnayder, founder of NetCost Market, a grocery chain based in New York. According to public records and data from Vizzda, the transaction includes both the 63,176-square-foot main property at 5850 Atlantic Avenue and an adjacent outparcel.
The purchase was partially financed through a $7.7 million loan from Southstate Bank. The price equates to approximately $245 per square foot.
Peachtree Plaza was built in 1986 and occupies a 7.3-acre site that ComRealty acquired for $3.4 million in 2007. ComRealty is led by CEO Harry Zuker.
Current tenants at Peachtree Plaza include Papa John’s Pizza, Dedicated Senior Medical Centers of Florida, and Christopher Too Salon. There are 11,864 square feet of space available for lease as indicated by online listings.
NetCost Market operates 13 stores along the East Coast and focuses on food products from Eastern European countries such as Ukraine, Russia, Georgia, Belarus, Slovenia, Moldova and Uzbekistan. In the previous year, NetCost Market opened its first South Florida location—a 27,000-square-foot supermarket at Oakwood Plaza in Hollywood.
Recent months have seen continued activity in South Florida’s retail real estate market with several large outdoor shopping centers changing hands. Stockbridge Capital Group recently acquired Uptown Boca’s retail component for $118.4 million; this property features Whole Foods Market as its anchor tenant along with other national retailers such as REI and Sephora.
American Commercial Realty Corporation purchased King’s Point Shopping Center and Professional Building in Delray Beach for $18.3 million earlier this month.
In July, Current Capital Group bought a Miami Gardens retail plaza measuring over 166,000 square feet for $33 million; Longpoint paid $34 million for a Miramar complex anchored by Presidente Supermarket; and O’Connor Capital Partners spent $28.8 million on an 86,000-square-foot Delray Beach complex anchored by Michaels with outparcels leased to CVS and Starbucks.
