An affiliate of Menin Development acquired the George Buildings, a retail strip in bustling downtown Delray Beach, for $19.5 million.
Marcus & Millichap’s Howard Bregman represented seller Abeleina Properties, managed by Robert A. George in Fort Lauderdale. The property has belonged to the George family for about 100 years.
“The offering attracted a great deal of interest from local, regional, national and international retail property investors,” Bregman said in a news release. “The buyer was chosen as the best custodian for the assets and to carry the George family legacy into the future.”
The price for the 19,855 square feet of buildings at 326 and 400 East Atlantic Avenue equates to $1,274 per square foot. They were developed in 1927 and 1959.
Tenants include Kilwins Chocolate and Ice Cream, Huber’s Pharmacy, Thida Thai Jewelry, Real Eyes Optical, Cupcake Couture, the Legacy and the Green Owl restaurant.