River Oaks Pays $26M For Delray Beach Shopping Center

River Oaks founder and Chairman Gerald Rubin and Shop Delray at 8918 Atlantic Avenue in Delray Beach (River Oaks Properties El Paso)

Count River Oaks Properties among the retail real estate investors feasting on grocery store-anchored shopping centers in South Florida.

The El Paso-based firm, led by founder and Chairman Gerald Rubin, paid $25.5 million for Shop Delray at 8918 Atlantic Avenue in Delray Beach, according to a press release. Anchored by Joseph’s Classic Market, the 33,000-square-foot shopping center is the latest retail site featuring a grocer to trade in recent months.

David Chasi with Pegasus Investments Real Estate Advisory brokered the off-market deal, and a Pegasus affiliate will continue to manage Shop Delray, the release states.

An affiliate of Boca Raton-based Banyan Development bought the property for 1.8 million in 2017 and completed Shop Delray two years later, records show. The shopping center is 100 percent leased, with tenants that include Warren American Whiskey Kitchen, Club Pilates, Nekter, Ripe, and Mattress Xperts, the release states.

Founded in 1959, River Oaks has a portfolio of nearly 200 shopping centers and retail assets totaling over 6 million square feet, the release states.
This year, Banyan Development, led by principals Ross Feurring and Jason Sher, and joint venture partner Pebb Enterprises, have been wheeling and dealing in South Florida office and retail sites.

In May, the partnership bought Florida Atlantic University’s tech and innovation-focused Research Park in Boca Raton for $37.5 million. The same month, Banyan and Pebb sold an outparcel leased to Wawa in Boynton Beach for $9.5 million. The outparcel is part of Mainstreet at Boynton, a Sprouts-anchored mixed-use project developed by the joint venture.

In January, Pebb and Banyan sold another Mainstreet at Boynton outparcel leased to Synovus Bank for $5.1 million.

Other real estate investors that are taking a bite out of the tri-county region’s grocery store-anchored shopping center sector include Barron Real Estate and the Ferreira family.

Last month, a Barron affiliate paid $38.4 million for Plantation Marketplace, a Food Fair-anchored shopping center in Plantation. And an entity managed by brothers Antonio and Nelson Ferreira bought Shoppes at City Centre retail plaza in North Palm Beach for $36 million. The property is anchored by Doris Italian Market & Bakery and West Marine.