Benderson Development has recently acquired a shopping center in Delray Beach for $28 million. The 89,158-square-foot property was previously owned by Menin Development and had last changed hands for $33 million in 2016. Built on a 9.2-acre site in 1990, the shopping center has now been sold at a loss.
According to reports from the South Florida Business Journal, Menin had filed plans to demolish most of the shopping center and replace it with a five-story building containing 274 apartments. However, after receiving preliminary approval from the city for this project with an increased unit count of 277, only some outparcel buildings housing AT&T, Chipolte and PNC Bank would have remained standing while others such as PetSmart and Guitar Center would have been replaced.
Despite these proposed changes by its previous owner, Benderson Development currently does not have any immediate plans for the property.
