DELRAY BEACH, Fla., June 30, 2022 /PRNewswire/ -- On behalf of River Oaks Properties ("River Oaks"), a Texas-based owner-operator of Class-A shopping centers, Pegasus Investments Real Estate Advisory Inc. ("Pegasus") is pleased to announce the recent acquisition of the newly constructed Shop Delray, a 33,000 square foot, open-air neighborhood shopping center in Palm Beach County, Florida. Acquired by River Oaks from Banyan Development for approximately $25.5 million, Shop Delray is a trophy-quality retail asset located at the corner of W Atlantic Avenue and Lyons Road, where West Delray Beach and Boca Raton intersect.
Anchored by Joseph's Classic Market, a family-owned Italian specialty market, Shop Delray is 100% leased to an exciting mix of restaurant, lifestyle, medical service, and retail tenants, including Warren American Whiskey Kitchen, Club Pilates, Nekter, Ripe, and Mattress Xperts. Shop Delray was developed by real estate industry veterans Ross Feurring and Jason Scherr of Boca Raton, Florida-based Banyan Development.
Shop Delray is the second of several recent core retail acquisitions by River Oaks as it continues to roll out its national expansion initiatives. Founded in 1959 by Gerald Rubin, Executive Chairman, and run by its President Adam Frank, River Oaks has developed an extensive portfolio of nearly 200 shopping center and retail assets comprising over 6 million square feet. River Oaks is a long-term, generational holder of real estate and plans to continue its strategy of acquiring trophy quality assets in affluent markets throughout the Southeast and Southwest United States.
"Shop Delray is a great example of the type of real estate we want to continue to acquire, and I am currently focused on finding additional trophy-quality assets for us to add to our portfolio," said Adam Frank, President of River Oaks Properties. "Our competitive advantage is that we use our own equity and can act very quickly when we find a deal we like," Frank continued. "We have decades of experience making prudent, long-term decisions, and we are excited to continue acquiring irreplaceable assets in core, growth markets like South Florida," added Gerald Rubin, Founder and Executive Chairman of River Oaks Properties.
"The acquisition represents an emerging trend in the marketplace whereby private, family office-led capital is making its way into exceptional growth markets throughout the state of Florida," said Daylin Ackerman, Senior Vice President at Pegasus. "Shop Delray is one of the most irreplaceable shopping center assets our firm has ever underwritten. We are thrilled that a high-quality investor like River Oaks was able to capitalize on the property's once-in-a-generation change of ownership," added David B. Chasin, Managing Director and Co-Founder of Pegasus. Shop Delray was sourced and acquired on an off-market basis, according to Chasin, who established a relationship with developers Ross Feurring and Jason Scher of Banyon Development while visiting Shop Delray on a holiday vacation in December 2020.
River Oaks has tapped Pegasus Asset Management Inc., an affiliate of Pegasus, to continue the management of Shop Delray on behalf of River Oaks. "River Oaks is one of the most impressive ownership groups we have worked with, and we are excited to be a part of their team as they continue to grow their national footprint of best-in-class, irreplaceable retail assets," said Seth Bell, Managing Director of Pegasus Asset Management.
Founded in 1959, River Oaks Properties has become one of the largest shopping center developers in the El Paso area. Our strategic investments in rapidly growing, high-traffic areas, commitment to quality construction and proactive style of property management have allowed us to develop an extensive portfolio of more than 200 properties and an unparalleled reputation for excellence. With dedicated teams for construction, accounting, property management and leasing and a comprehensive approach to property development, we've built long-term investments and reliable partnerships with local and national businesses.
Banyan Development is a real estate development company focused on commercial development and real estate investment in the Florida marketplace. The principals have extensive experience in various markets in the US over the last 4 decades and between them have developed over 3 million square feet of retail, office, industrial and residential real estate including Mainstreet @ Boynton, Shop Delray, Lake Worth & Polo Road, University Commons, 2200 Butts, Wellington Green Square and Commons (Wellington, Florida). Banyan Development currently has several retail centers in various stages of development in Florida as well as office, self-storage and mixed-use projects.
The Pegasus platform is comprised of commercial real estate advisory companies Pegasus Investments Real Estate Advisory Inc., Pegasus Asset Management Inc., and Pegasus Capital Markets Inc. Founded in 1988 and having completed several billion dollars in transaction volume, Pegasus' 35 real estate professionals provide boutique advisory solutions with institutional pedigree and best practices. Pegasus provides commercial real estate wealth management and advisory services to a wide range of clients, including family offices, high-net-worth investors, developers, institutions, national retailers, lenders, and real estate professionals in the areas of acquisition, disposition, financing, management, leasing, and development. Pegasus Asset Management has over 200 properties under management across 3 million square feet consisting primarily of high-quality, single- and multi-tenant net leased retail and shopping centers properties. Leveraging its relationships with over 750 tenants within its portfolio, the company delivers custom-tailored, strategic management services to its portfolio of clients which include private and institutional owners of income-producing commercial real estate nationwide.
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SOURCE Pegasus Investments Real Estate Advisory Inc.