PEBB Enterprises, Topvalco Acquire Delray Commons Shopping Center in South Florida for $10.5M
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. The Boca Raton, Fla.-based company formed a joint venture dubbed KP Delray LLC with the center’s existing 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.