American Commercial Realty Corporation has acquired the King’s Point Shopping Center and Professional Building in Delray Beach for $18.3 million. The property, located at 6600 West Atlantic Avenue, includes a shopping center with 58,674 square feet and medical office space totaling 19,178 square feet across 11.5 acres.
The purchase price amounts to $235 per square foot for the two-building complex. The seller, Partners at Kings Point from West Caldwell, New Jersey, was represented by a Colliers team led by Mark Rubin and Bastian Schauer along with attorney Adam Beighley. Partners at Kings Point had previously purchased the property in 1980 for $724,800 and completed construction of the buildings in 1981.
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. A spokesperson from Colliers confirmed these long-term tenants.
Rick Baer of American Commercial stated that renovations are planned for King’s Point: “American Commercial plans to renovate King’s Point, including upgrades to individual storefronts.”
American Commercial Realty Corporation was established in 2001 and manages a commercial real estate portfolio spanning nine states and totaling three million square feet. In a previous acquisition in 2021, the company bought Crystal Cove Commons in North Palm Beach for $36.2 million. That site covers 7.9 acres with a retail building of about 75,000 square feet adjacent to a four-story office building constructed in 1982.
Other recent transactions in Delray Beach include Related Fund Management’s purchase of Aura Delray Beach—a six-building apartment complex with 292 units on a twelve-acre parcel—for $116.9 million (https://therealdeal.com/miami/2024/07/12/related-fund-management-pays-117m-for-delray-beach-apartments/). In July, O’Connor Capital Partners based in New York bought Delray Corner shopping center for $28.8 million; this nine-acre property is anchored by Michaels and includes outparcels leased to CVS and Starbucks (https://therealdeal.com/miami/2024/07/05/n-y-investor-buys-michaels-anchored-delray-shopping-center-for-29m/).
