Site Centers Acquires Delray Beach Retail Portfolio for $40M from Azure Development

Site Centers, a publicly traded real estate investment trust (REIT) focused on shopping center properties, has acquired a retail portfolio in Delray Beach for $40 million from Azure Development, a Florida-based real estate development firm led by Richard Caster and Brian Grossberg. The portfolio consists of three properties located at 16800, 16850, and 16950 South Jog Road, totaling 56,000 square feet on 7 acres.

The sale price equates to a price per square foot (PPSF) of 714 and a price per acre (PPA) of 5,714,286. The properties are currently 98% leased, with tenants including Publix, Starbucks, and Bank of America.

David Lukes, CEO of Site Centers, said in a statement, “This acquisition is consistent with our strategy of acquiring high-quality, grocery-anchored shopping centers in strong markets. We are excited to add these properties to our portfolio and look forward to continuing to create value for our shareholders.”

The acquisition was brokered by CBRE’s National Retail Partners team, led by Casey Rosen and Dennis Carson. CBRE’s Debt & Structured Finance team, led by Amy Julian and Brad Williamson, arranged financing for the acquisition.

Delray Beach is a popular tourist destination located in Palm Beach County, Florida. The city has a population of approximately 70,000 and is known for its vibrant downtown area, beautiful beaches, and cultural attractions. The retail properties acquired by Site Centers are located in a prime location within the city, with easy access to major highways and a strong demographic profile.

Overall, the acquisition of this retail portfolio in Delray Beach is a strategic move for Site Centers, as it continues to expand its portfolio of high-quality shopping center properties in strong markets. With a strong tenant roster and a prime location, these properties are well-positioned for long-term success and are expected to generate strong returns for Site Centers and its shareholders.