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