Midtown Delray acquired for nearly $30M

Enlarge Photo

RON JACKSON

Midtown Delray was completed in 2013 and sold the following year for $29.75 million.

Brian Bandell

Senior Reporter- South Florida Business Journal

Email  |  LinkedIn  |  Twitter

A Boston-based investor picked up the Midtown Delray town home community in a $29.75 million deal.

ARA Florida-based Principals Avery Klann and Hampton Beebe represented seller SP5 Wood Midtown Delray, an affiliate of Atlanta-based Wood Partners. It was bought by U.S. REIF Midtown Delray Florida, an affiliate of Boston-based Intercontinental Real Estate Corp. Capital One provided a $19.34 million mortgage for the purchase.

The 116-unit project was completed in 2013. The developer paid $3.6 million for the land and obtained a $17.5 million construction loan from Regions Bank.

Midtown Delray is at a corner of Old Germantown Road and Bloods Grove Drive - just south of Linton Boulevard.

RELATED CONTENT: Delray Beach buildings up for sale $21.5M

"Office Depot's Global Headquarters is located three miles south of Midtown Delray within the Arvida Park of Commerce, an 850-acre corporate park with an estimated five-million square feet of office space," Klann said in a news release. "Delray Medical Center, with an estimated 1,600 employees, is located just two minutes west of the property."

ARA Managing Partners Marc deBaptiste and Richard Donnellan also worked on the deal.

Brian Bandell covers banking, finance, health care and education. Get the latest banking news with our free daily newsletter. Click here to subscribe.