Delray Beach, Fla. — PEBB Enterprises has acquired Delray Commons, a 71,000-square-foot shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. Boca Raton, Fla.-based PEBB formed a joint venture dubbed KP Delray LLC with the center’s current owner, Cincinnati-based Topvalco Inc., for the acquisition. The sales price was $10.5 million.
Built in 1981, Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King outparcel and an approximately 2,000-square-foot Taco Bell outparcel. Sprouts Farmers Market has committed to anchor the center with a 23,256-square-foot store.
PEBB previously owned Delray Commons before selling the property to a local venture in 2015; Topvalco acquired the center three years later. The partnership plans to completely redevelop the center with a new façade, roof, parking lot, site lighting, signage and landscaping. The new ownership also has the ability to add another outparcel building along West Atlantic Avenue.
Sprouts Farmers Market has committed to anchor Delray Commons, which was recently purchased by a joint venture of PEBB Enterprises and Topvalco, with a 23,256-square-foot store.
PEBB Enterprises, Topvalco Acquire Delray Commons Shopping Center in South Florida for $10.5 Million
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