River Oaks Buys Delray Beach Strip Mall for $26M
By Julia Echikson July 11, 2022 7:01 pm
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Schmier and Feurring Properties sold a modern strip mall by the edge of Palm Beach County for $25.5 million, property records show.
The property features 34,010 square feet of retail space. Tenants include upscale Italian grocer Joseph’s Classic Market, fitness studio Club Pilates as well as restaurants Warren and Ripe.
Located at 8918 W Atlantic Avenue, the development sits adjacent to Lyons Road, just two miles from the urban development boundary in Delray Beach, Fla. Boca Raton-based Schmier and Feurring bought the 4.9-acre site for $1.8 million in 2017 and completed the mall two years later, per records.
Another firm based in Boca Raton, PEBB Enterprises, owns a similar mall with Dunkin Donuts as a tenant, which borders Schmier and Feurring’s development.
The buyer, River Oaks Property, purchased the property in an all-cash and off-market deal. “Our competitive advantage is that we use our own equity and can act very quickly when we find a deal we like,” River Oaks president Adam Frank said in a statement.
Texas-based River Oaks specializes in shopping centers. It boasts a 6 million-square-foot portfolio of 200 properties leased to Target, Walmart, Ulta and Best Buy, among other big-box retailers, according to the company.
The firm plans to continue its shopping spree. “We are excited to continue acquiring irreplaceable assets in core, growth markets like South Florida,” added Gerald Rubin, founder and executive chairman of River Oaks.
Julia Echikson can be reached at jechikson@commercialobserver.com.
