Marcus & Millichap , a leading commercial real estate investment services firm with offices throughout the United States and Canada, has been selected to exclusively market for sale Buddha Sky Bar, an 11,500-square-foot three-story restaurant and night club building in Delray Beach, Florida. The asset is being listed for $24.5 million, which equates to a $2,130 price per square foot.
“Buddha Sky Bar is the only three-story restaurant with views of Atlantic Avenue in Delray Beach, where restaurant space downtown commands a premium due to limited supply,” says Marc E. Strauss, a Marcus & Millichap first vice president investments in the firm’s Fort Lauderdale office. “The seller will lease back the second and third floors for ten years and master lease the first floor for one year from the close of escrow. The property presents a great opportunity for an investor to place their restaurant business or tenant in the ground floor space while benefiting from a period of guaranteed income,” explains Strauss.
Strauss is representing the seller, a Florida Limited Liability Company.
Buddha Sky Bar is prominently located on the corner of E. Atlantic Avenue and Bourque’s Way at 217 E. Atlantic Ave. in downtown Delray Beach, where the average household income within a one-mile radius exceeds $88,000.