Investcorp Nabs 333,556-SF Shopping Center

DELRAY BEACH, FL-The Plaza at Delray, a 333,556-sf community shopping center here has been sold. The sale price was not disclosed; however, according to the Palm Beach County property appraiser’s office, the 2002 market value and assessed value are listed as $29.5 million.

Linton Delray LLC, a Delaware limited liability company controlled by Investcorp International Inc., purchased the center from St. Stephen LP. St. Stephen is a joint venture between publicly traded AMB Property Corp. and The Lefmark Group.

The center, located at 1640 S. Federal Highway on the northwest corner of Federal Highway and Linton Boulevard, was built in 1979 and redeveloped by St. Stephen in 1997 and 1998 from an enclosed mall to an open-air center. The redevelopment has been recognized in many design awards.