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DELRAY BEACH, FL-Alabama-based investor Fairway–Harbor Ltd. has acquired the 45,361-sf Harbor Plaza at the northeast corner of Linton Boulevard and Federal Highway for $14.8 million. The seller of the property was locally based New Harbor Partners Ltd., which had owned the property for over 18 years.

Built in 1982, the center is situated on 6.23 acres and is anchored by Carrabba’s Italian Grill and Panera Bread. West Palm Beach-based RJS Realty Group was the exclusive agent for the seller and the sold broker in the transaction, which was arranged by managing director Steve Miskew. The purchase was financed with a new loan from UBS, which was arranged by Bob Dockerty, of locally based Dockerty Romer & Co. Miskew tells GlobeSt.com that the property was being sold “to capitalize on strong market conditions.”

Miskew adds that the property is a strong, stable asset that was 100% leased at the time of the sale. In addition, it has extensive frontage on both Federal Highway and Linton Boulevard. “The purchaser saw the opportunity to purchase an asset at a strong location,” he says.

Miskew says Delray Beach has been a particularly active market this year for investment sales. In May, RJS arranged the sale of a portfolio of office and retail properties for $33.2 million. The sale included the $25.9-million sale of the 84,819-sf Linton Center office buildings, directly south of and adjacent to Harbor Plaza. “It has been a very active year for us throughout South Florida, and we’ve found ourselves particularly busy right in our own backyard,” notes Miskew.

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