American Commercial Realty Corporation has acquired a mixed-use property in Delray Beach for $18.3 million, according to a press release. The Palm Beach Gardens-based company, led by Rick Baer, purchased the King’s Point Shopping Center and Professional Building located at 6600 West Atlantic Avenue.
The 11.5-acre site includes a shopping center measuring 58,674 square feet and medical office space totaling 19,178 square feet. The purchase price equates to $235 per square foot for the two-building complex.
A team from Colliers, led by Mark Rubin and Bastian Schauer along with attorney Adam Beighley, represented the seller Partners at Kings Point of West Caldwell, New Jersey. Records indicate that Partners at Kings Point originally bought the property in 1980 for $724,800 and completed construction of both buildings in 1981.
Currently, King’s Point is 80 percent occupied with tenants such as Famous Deli, Delray Medical Associates, South Florida Vision, Bagel Tree, Point Cleaners and Water’s Edge Dermatology. A spokesperson from Colliers provided this information.
Rick Baer stated that American Commercial plans to renovate King’s Point with upgrades to individual storefronts.
Founded in 2001, American Commercial manages a commercial real estate portfolio of three million square feet across nine states. In 2021, the company acquired Crystal Cove Commons in North Palm Beach for $36.2 million. That property covers 7.9 acres and includes a retail building of 75,000 square feet alongside a four-story office building constructed in 1982.
Recent commercial real estate transactions in Delray Beach include Related Fund Management’s purchase of Aura Delray Beach—a six-building apartment complex with 292 units on twelve acres—for $116.9 million. In July, O’Connor Capital Partners from New York bought Delray Corner shopping center for $28.8 million; this nine-acre site is anchored by Michaels and features outparcels leased to CVS and Starbucks and is currently 96 percent occupied.
