An affiliate of Menin Development just paid $5.5 million for a retail building in Delray Beach.
Menin bought the 4,112-square-foot building at 307 East Atlantic Avenue, a former Luigi’s Coal Oven Pizza, for $1,349 per square foot. Nitlow Inc., managed by Bob Woltin, sold the building.
Woltin, who also owns Luigi’s Tuscan Grill in Fort Lauderdale, bought the property for $1.6 million in 2014, property records show.
Axiom Capital Advisors’ principal Roberto Susi represented the buyer and Danica Blazanovic of Biz Realty, Inc. represented the seller.
Craig Menin of Menin Development Group said he hasn’t secured a tenant yet for the space, but added that he is in talks with a few restaurants. The purchase will be the 10th property the company has purchased so far in Delray Beach, according to Menin.
Menin Development recently bought a 48,800-square-foot retail and office building down the road at 110 East Atlantic Avenue. The company is also planning to open Delray City Market, a mixed-use building just south of Atlantic Avenue in downtown Delray Beach, early next year. The 120,000-square-foot development will include a 30,000-square-foot food hall, a parking garage and event space.
Delray Beach is increasingly piquing developers interest due to the city’s proximity to the ocean and its walkable downtown.
The city has been trying to transform downtown’s West Atlantic Avenue’s 600 to 800 block into a bustling mixed-use project. Six bidders are now bidding on the six-acre property.