Redfearn Capital has expanded its South Florida holdings with the acquisition of a retail and restaurant asset in Delray Beach. The private investment firm purchased the 23,290 square foot property for $39.2 million. The transaction reflects a price of $1,640 per square foot, which Cushman & Wakefield characterized as among the highest pricing achieved for a retail property in the surrounding area.
The seller in the off-market trade was DHBH. Cushman & Wakefield brokered the transaction. The firm reported that the asset benefits from its position within one of South Florida’s most active and supply-constrained downtown markets, where high-street retail space continues to attract investor interest.
Cushman & Wakefield’s Mike Ciadella, Scott O’Donnell and Miguel Alcivar, together with Katalyst Real Estate’s Don Ginsburg and Adam Steinlauf, represented the seller in the disposition. On the capital markets side, Cushman & Wakefield’s Florida EDSF Team, led by Ron Granite and Jason Hochman, acted on behalf of Redfearn Capital to secure acquisition financing. Specific loan terms and the lending source were not disclosed.
Commenting on the transaction, Alex Redfearn of Redfearn Capital said the purchase provides the firm with control of a landmark asset in Delray Beach’s downtown corridor, which he described as one of South Florida’s most vibrant and supply-constrained urban environments. The high per-square-foot pricing underscores the strength of investor demand for prime, walkable retail locations in the city.
The properties involved in the sale are located at 105 and 111 E. Atlantic Ave. in Delray Beach. The buildings are anchored by a diverse mix of tenants that includes established restaurant operators and office users, and the site also offers on-site parking. According to information provided with the sale, the retail buildings were originally constructed in 1952 and 1971 on a 0.38-acre lot, reflecting a blend of mid-20th-century structures that have been adapted to current retail and restaurant use.
The acquisition adds to Redfearn Capital’s portfolio of income-producing assets and highlights continued institutional and private-capital interest in well-located retail properties in downtown Delray Beach. While further details on lease terms and tenant performance were not released, the combination of high pricing, diverse tenancy and limited downtown supply positions the asset as a notable benchmark transaction for the local retail market.
