In a notable real estate transaction in Delray Beach, the Linton Commons retail complex has changed hands for $28 million, a move underscoring the dynamism of South Florida's retail market. Sarasota-based Benderson Development is the new owner of the 85,000-square-foot shopping center located at 500, 510, and 520 West Linton Boulevard, as reported by The Real Deal. The property, which houses tenants such as RH Outlet, Guitar Center, PetSmart, and Chipotle, was sold by Menin Development, who previously acquired it for $33 million in 2016.
Previously aiming for a shift in the property's use, Menin Development envisioned the transformation of the main retail building into a five-story apartment complex comprised of 277 units. Even being granted preliminary approval for the project in early 2021, the redevelopment plan never came to fruition, with the complex suffering from various tenants' bankruptcies and others slicing rent payments, as Menin representatives lamented to Delray Beach commissioners, according to a The Real Deal interview.
Julie Fanning, a spokesperson for Benderson Development, conveyed that there are no immediate plans for shaking up the property, despite the company's extensive experience with various types of real estate, including shopping centers, industrial spaces, and hotels. The details, including the site's current occupancy rate, were held back as per Fanning's statement in BizJournals.
Fanning's lack of immediate development plans comes notwithstanding the family-led company's robust portfolio, which spans across 41 states with a footprint of 54 million square feet. Founded by the late Nathan Benderson in 1949, his son and grandson now helm the company. Having marked a return to South Florida with the purchase of a Publix-leased building in Pompano Beach this August for $7.1 million, Benderson's buy into Linton Commons is part of a recovering retail investment landscape in South Florida, despite a market dampened by edging interest rates during the year's first half, as described in a news release picked up by The Real Deal.
Benderson Development’s acquisition is set against a backdrop of recently reviving retail sales investments in South Florida. After facing a significant slump during the earlier part of the year, transactions like Edens's $88.4 million acquisition of the Shadowood Square shopping plaza and Longpoint Realty Partners' $49.3 million investment in a Fresco y Mas-anchored plaza.
