ComNet Realty has sold Peachtree Plaza, a shopping center in Delray Beach, Florida, for $16.2 million. The buyer is an entity managed by Eduard Shnayder, who is the founder of NetCost Market, a grocery chain based in New York.
According to property records and data from Vizzda, the transaction includes the 63,176-square-foot shopping center at 5850 Atlantic Avenue and an adjacent outparcel. The purchase was partially financed with a $7.7 million loan from Southstate Bank. The sale price equates to $245 per square foot.
The seller, ComRealty—an affiliate led by CEO Harry Zuker—originally acquired the 7.3-acre site for $3.4 million in 2007. Peachtree Plaza was built in 1986.
Current tenants at Peachtree Plaza include Papa John’s Pizza, Dedicated Senior Medical Centers of Florida, and Christopher Too Salon. An online listing indicates that there are currently 11,864 square feet available for lease.
NetCost Market operates 13 stores along the East Coast and specializes in food products from Eastern European countries such as Ukraine, Russia, Georgia, Belarus, Slovenia, Moldova, and Uzbekistan. Last year the company opened its first South Florida location—a 27,000-square-foot supermarket at Oakwood Plaza in Hollywood.
The sale comes amid continued interest in outdoor shopping centers within South Florida’s retail market. Earlier this month Stockbridge Capital Group purchased Uptown Boca’s retail component for $118.4 million; American Commercial Realty Corporation acquired King’s Point Shopping Center and Professional Building in Delray Beach for $18.3 million; Current Capital Group bought a large retail plaza in Miami Gardens for $33 million; Longpoint paid $34 million for a Miramar retail complex; and O’Connor Capital Partners purchased another Delray Beach retail property for $28.8 million.
