Franklin Street, Neal Realty Arrange $9.1 Million Purchase of Two Shopping Centers in Palm Beach County

by Katie Sloan

Delray Beach and Boynton Beach, Fla. — Franklin Street and Neal Realty & Investments Inc. have arranged the purchase of two shopping centers in Palm Beach County totaling $9.1 million.

Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. Acquisitions include the $5.1 million purchase of the Shoppes of Delray, a 23,094-square-foot shopping center located in Delray Beach, and the $4 million acquisition of Gables End Plaza, an 18,311-square-foot shopping center located in Boynton Beach.

Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants including Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.

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