American Commercial Pays $18M for Delray Beach Mixed-Use Project Developed by Partners at Kings Point

American Commercial Realty Corporation, an affiliate of Palm Beach Gardens-based American Commercial, has recently purchased the Delray Beach mixed-use project from Partners at Kings Point for a whopping $18.3 million. The property, located at 6600 West Atlantic Avenue, consists of a 58,674-square-foot shopping center and 19,178 square feet of medical office space. This acquisition marks a significant investment for American Commercial, paying $235 per square foot for the two-building complex.

The transaction was facilitated by a Colliers team led by Mark Rubin and Bastian Schauer, with additional legal representation from attorney Adam Beighley. In a press release, the team stated that they represented the seller, West Caldwell, New Jersey-based Partners at Kings Point. However, it is worth noting that Baer is also a partner at Partners at Kings Point, making this transaction a bit of a self-deal. It seems that Baer was able to use his position as a developer to benefit his own company.

Despite the potential conflict of interest, American Commercial is confident in their investment and the potential for the property. Baer stated, "We are pleased to add this well-positioned asset to our portfolio and look forward to the opportunity to enhance its value and serve the community of Delray Beach." However, it remains to be seen how this acquisition will play out for both American Commercial and the Delray Beach community.

Originally reported by The Real Deal.