Benderson Development bought a shopping center in Delray Beach for $28 million, marking the firm’s continued investment in South Florida retail properties.
Sarasota-based Benderson purchased Linton Commons at 500, 510 and 520 West Linton Boulevard from Menin Development, according to records and real estate database Vizzda.
The 85,000-square-foot Linton consists of three one-story buildings completed in 1990, 2008 and 2009 on 9 acres, records show.
Tenants include RH Outlet, Guitar Center, PetSmart, Chipotle and AT&T, according to a Benderson news release announcing the purchase.
Menin Development, led by Craig Menin, had paid $33 million for the shopping center in 2016, The Real Deal previously reported.
In 2021, Delray Beach-based Menin planned to redevelop the main retail building on the south portion of the lot into a five-story apartment project with 277 units. The two outparcel buildings on the north side of the assemblage weren’t part of the redevelopment proposal. At the time, the complex was feeling the impacts of several tenants having filed for bankruptcy and one paying reduced rent, a Menin representative told Delray Beach commissioners in January 2021. The firm obtained preliminary approval for the multifamily project at the time, though it didn’t start development.
Benderson has no immediate plans for the property, a company spokesperson said. She didn’t immediately provide the occupancy rate.
Founded by the late Nathan Benderson in 1949, the firm’s portfolio spans 54 million square feet across 800 properties in 41 states, according to the company’s release. Nathan Benderson’s son, Randall Benderson, and grandson, Shaun Benderson, now lead the firm.
In August, Benderson bought a Publix-leased building at 1140 Southwest 36th Avenue in Pompano Beach for $7.1 million. The deal marked a comeback for the firm to South Florida, after it went on a shopping spree in 2018 and 2019 for closed Toys “R” Us stores following the retailer’s bankruptcy filing. Benderson paid $6.5 million for a Toys “R” Us site at 3195 PGA Boulevard in Palm Beach Gardens, and $13.8 million for two store parcels at 1635 Northwest 107 Avenue and 1645 Northwest 107th Avenue in Doral.
Benderson’s Linton Commons purchase comes amid an uptick in South Florida retail investment sales. Activity had nosedived during the first half of the year due to higher interest rates.
In October, Longpoint Realty Partners bought a Fresco y Mas-anchored plaza on the southwest corner of Southwest Eighth Street and Southwest 67th Avenue near West Miami for $49.3 million. That came on the heels of Edens’ purchase of the Shadowood Square shopping plaza at 9789 Glades Road near Boca Raton for $88.4 million in August.
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