Sports Authority center in Delray Beach fetches big money

tsa

The shopping center at 500 W. Linton Blvd. soon will be half empty. But it just sold for $33 million.

Sports Authority leases 45,173 square feet at the 89,000-square-foot center. The buyer is an affiliate of Menin Development of Delray Beach.

Why buy a center missing its anchor tenant? Perhaps Menin is banking that it can lease the space for more than the $749,710 a year, or $16.60 per square foot, that the failed retailer was paying. (Those details, usually secret, were released by Sports Authority in a bankruptcy filing.)

PetSmart also is a tenant, and Chipotle and PNC Bank occupy outparcels. The property last sold in 2006 for $13 million.

UPDATE: “Several tenants have been inquiring about the (Sports Authority) space,” says Douglas Mandel, the Marcus & Millichap broker who represented the seller.

MORE DELRAY DEALS

Pineapple Grove retail property fetches big price

Delray landmark Doc’s All American for sale

Atlantic Avenue building sells for nearly $1,300 a square foot

Reader Comments 0

0 comments