Menin Development spends more than $50 million in Delray acquisitions

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Staff report
The city of Delray may be the largest property owner in the city, but Menin Development may not be too far behind.
The Delray Beach-based company has been buying up properties throughout the city.
It has purchased a 84,551-square-foot retail center New Century Commons located at 500 Linton Boulevard for $33 million, spent $25.6 million to purchase Esplanade in the Grove, 241 Northeast Second Ave. and bought the Urban Outfitters retail building downtown at 306 Atlantic Ave. for $8.3 million.
The shopping center known as New Century Commons is located on the south side of Linton Boulevard, with approximately 620 feet of frontage, located halfway between Interstate 95 and South Federal Highway in the Linton Boulevard/Federal Highway retail corridor.
PetSmart anchors the former Costco building, occupying 28,762 square feet. Sports Authority currently occupies 45,173 square feet, but is scheduled to close as part of the big-box chain’s bankruptcy protection plan.
The northwest part of the site has a 7,400 square-foot-building, which is home to Chipotle Mexican Grill, and Cream, an Italian concept store that features handmade gelato, Italian coffees, fine wines, beers, and handmade pastries. PNC Bank occupies a third stand-alone building.
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel negotiated the sale. Mandel represented the seller, Linton 510 LLC, in the transaction. The deal closed June 20.
Esplanade in the Grove is a 31,700 square-foot shopping strip made up of mom-and-pop shops between two condo developments.
It was sold by Bob Dockerty and Craig Romer, the two principals of mortgage brokerage Dockerty Romer & Co. They paid $2.55 million for the property in 2001.
The Urban Outfitters 11,000 square-foot building is a two-story building built in 1936. Marcus & Millichap’s Howard Bregman, a senior associate in the firm’s Fort Lauderdale office, represented Menin Development in the sale.
Last year, Menin purchased the neighboring George Buildings at 326 and 400 East Atlantic Avenue for nearly $20 million.