Publix-Anchored Shopping Center Delray Beach Sells For $9M

North Delray Commons at 455 & 555 Northeast 5th Avenue in Delray Beach (Photos via Google Maps)

North Delray Commons at 455 & 555 Northeast 5th Avenue in Delray Beach (Photos via Google Maps)

A Publix-anchored shopping center in Delray Beach sold for $9.4 million.

Records show North Delray (E&A) LLC, a South Carolina company, sold the two buildings at 555 and 455 Northeast 5th Avenue, called North Delray Commons, to 555 NDC LLC, a Florida corporation.

The selling entity links to national retail real estate owner, operator and developer Edens, which has regional headquarters in Columbia, South Carolina, as well as Atlanta, Boston, Dallas, Miami and Washington, D.C.

Jodie W. McLean, CEO of Edens, signed the document in favor of the South Carolina LLC. According to its website, Edens manages a portfolio of 125 locations.

The buying entity is managed by David G. Baldauf, Shaun Benderson and Stephen C. Scalione of Bradenton-based Benderson Development Co. Shaun Benderson is vice president, Baldauf is general counsel and Stephen C. Scalione is executive director of finance and operations, according to his Linkedin page.

Marcus & Millichap’s Kirk D. Olson and Drew A. Kristol represented both sides of the deal, according to a release.

North Delray Commons is a 34,087-square-foot shopping center with a Publix, UPS, AT&T store and a Jersey Mike’s Subs.

The shopping center spans 3.5 acres and was built in 2001.

Benderson has been an active buyer of former Toys “R” Us stores in South Florida. In September 2019, it purchased the Doral property of Toys “R” Us and Babies “R” Us for $5.3 million. In December 2018, Benderson paid $6.5 million for a former Toys “R” Us building in Palm Beach Gardens. The company also purchased a former Toys“R” Us in Plantation for $7.8 million.

Developers are targeting Delray Beach for new development. Among the planned projects is a new oceanfront boutique condo project planned for 2022.

This year, Kushner Companies is planning to buy two properties near Delray Beach for an industrial project, and Menin Development is redeveloping a Delray Beach shopping center into an apartment complex.

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