American Commercial Realty Corporation has purchased a mixed-use property in Delray Beach for $18.3 million, according to a press release. The buyer, an affiliate of the Palm Beach Gardens-based company led by Rick Baer, acquired the King’s Point Shopping Center and Professional Building located at 6600 West Atlantic Avenue.
The property spans 11.5 acres and includes a shopping center measuring 58,674 square feet and 19,178 square feet of medical office space. The transaction price equates to $235 per square foot for the two-building complex.
A Colliers team led by Mark Rubin and Bastian Schauer, along with attorney Adam Beighley, represented the seller, Partners at Kings Point from West Caldwell, New Jersey. According to records, Partners at Kings Point bought the site for $724,800 in 1980 and completed construction of both buildings a year later.
King’s Point is currently 80 percent occupied. 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.
American Commercial was founded in 2001 and manages a commercial real estate portfolio totaling three million square feet across nine states. In 2021, the company acquired Crystal Cove Commons in North Palm Beach for $36.2 million. That site covers 7.9 acres and features a 75,000-square-foot retail building adjacent to a four-story office building constructed in 1982.
Recent commercial real estate transactions in Delray Beach include Related Fund Management’s purchase of Aura Delray Beach for $116.9 million. The property consists of six apartment buildings with a total of 292 units on twelve acres. Additionally, O’Connor Capital Partners from New York bought Delray Corner—anchored by Michaels with outparcels leased to CVS and Starbucks—for $28.8 million; this nine-acre shopping center is currently 96 percent occupied.
