New York developer Thor Equities purchased a repossessed retail building in downtown Delray Beach for $4.1 million. Acquired from Northwood Financial Holdings, the 9,819-square-foot retail/office building at 632 E. Atlantic Ave. was built in 1950. Thor Equities plans to upgrade the facade of the building.
“Delray Beach is a rapidly growing market, with Atlantic Avenue as its prime retail corridor,” said Joseph Sitt, CEO of Thor Equities. “There is strong demand and interest from national tenants resulting from the continued revitalization of the Delray Beach Art District, which has transformed the area into a major tourist attraction. We believe 632 East Atlantic Ave. will also benefit from the addition of the Atlantic Crossing development across the street and the continued growth of Atlantic Avenue.”
