Thursday, June 30, 2016

$8.3 million sale of urban outfitters in delray beach, fl arranged by marcus & millichap

Urban Outfitters, 306 East Atlantic Avenue, Delray Beach, FL

Howard Bregman
DELRAY BEACH, FL, June 30, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Urban Outfitters, a 11,073-square foot, net-leased property located in Delray Beach, Fla. The asset sold for $8,300,000.

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”

Bregman represented the buyer, Menin Development, Inc., in the sale. Last year, he assisted the company in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue.

Located at 306 East Atlantic Avenue, Urban Outfitters is a 11,073-square foot, two-story, single-tenant building that is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

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