Los Angeles-based Canyon Real Estate Partners continues its investment in urban areas across the country with a new acquisition in Delray Beach, according to South Florida Business Journals. 

For a price of nearly $1,300 per square foot, the company purchased a 13,902-square-foot, two-story building for $18.01 million. SunTrust Bank is the building’s main tenant and sold its ground lease to Pierre Delray One LLC, a Canyon-Johnson affiliate (“Johnson” references former Los Angeles Lakers basketball star Magic Johnson, who works with Canyon Real Estate Partners). 

The building, located at 302 E. Atlantic Ave., was erected in 1929 and includes a parking lot. The sale worked out to $678 per square foot for the full land parcel. 

With a prime location on Atlantic Avenue, a popular strip for dining and entertainment, the building could command higher rent for retail space or restaurants, per South Florida Business Journals. 

Earlier this year, the street was named one of USA Today’s “10 Great American Shopping Streets” for its mix of shopping paired with galleries and museums as well as the foot traffic. Harvard professor and urban planning expert Robert Gibbs estimates the stretch sees nearly 20,000 visitors daily and has “had a remarkable turnaround” over the past few decades.

Just south of the building, a Venus Williams-designed condominium project from the Morton Group is already asking for 30 percent deposits. New York developers are also eyeing Delray Beach’s SOFA district for a mixed-use project.