Marcus & Millichap Arranges Miami Metro Retail Deal
By
New Century Commons
Miami—Marcus & Millichap has negotiated the sale of New Century Commons, an 84,551-square-foot three-building retail center located in Delray Beach. Menin Development Inc.acquired the 100 percent leased property for $33 million, roughly $390 per square foot. Douglas Mandel, a senior vice president at the firm and senior director at the company’s Institutional Property Advisors division represented the seller, Linton 510 LLC, in the transaction. The deal closed June 20.
New Century Commons, located at 500 Linton Boulevard, consists of three unique components, all with direct frontage to the street, providing great visibility and convenient access to I-95. The main buildings’ anchor tenant, Sports Authority, which currently occupies 45,173 square feet, is scheduled to close as part of the chain’s bankruptcy protection plan. The loss of the tenant will temporarily hurt the property’s cash flow and negatively impact traffic at the center. The additional 28,762 square feet of the building is occupied by PetSmart…
