"The Plaza at Delray is the dominant community retail center serving Delray Beach and clearly one of South Florida's trophy retail assets," says Adam Feinstein, a broker involved in the sale. "The Plaza at Delray is a unique retail asset based on its tremendous anchor lineup, high-income demographics, in-fill location, and a contemporary design and appearance that have set a South Florida standard."

F. Jonathan Dracos, a managing director of Investcorp, says, "We are very familiar with the dynamics of the Palm Beach to Fort Lauderdale area, having made a number of successful investments in this marketplace over the past several years, and believe this property offers compelling value for our investors."

Gumberg Asset Management, a property management/leasing group owned by Fort Lauderdale-based Gumberg Property Investors, will provide property management and leasing services for The Plaza at Delray."Investcorp is pleased to have completed another transaction in conjunction with Gumberg Property Investors, with whom we have successfully acquired and disposed of Florida shopping center assets totaling more than $175 million and $125 million, respectively," Dracos says.Feinstein, director of financial services, and Mark Gilbert, senior director of financial services, both with Cushman & Wakefield's Miami, FL, office, negotiated the Aug. 7 sale on behalf of St. Stephen LP."The sale allows St. Stephen to reap the fruits of its hard labor of the past five years redeveloping this asset, while Investcorp acquires a highly sought-after institutional quality asset that provides a secure income stream with growth potential," Feinstein says.New York-based Investcorp is a global investment group that focuses on high-quality existing commercial, hotel and residential properties with strong cash flow and good potential for medium-term capital gains. The Plaza at Delray is the company's sixth acquisition so far this year.