An $8.3 million deal has been completed for the Urban Outfitters retail location in Delray Beach. Menin Development bought the 11,073 sqf asset located at 306 East Atlantic Avenue. The two-story, single-tenant building is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014. Last year Menin Development bought the neighboring George Buildings at 326 and 400 East Atlantic Avenue. Marcus & Millichap represented the buyer in the sale.
“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”
