This property is Off-Market

Okeechobee Blvd. & SR-7
West Palm Beach, FL 33411 ·

7,552 SF · Retail For Sale

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McDonald's & Mattress Firm

Price N/A Occupancy 100%
Building Size 7,552 SF Tenancy Multiple
Property Type Retail Property on Ground Lease? Yes
Property Sub-type Retail Pad Year Built 2008
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 55,876 SF
Cap Rate 6.54%
Listing ID: 15879517 Date Created: 09/04/2008 Last Updated: 02/02/2009

Description

The subject retail center offers an exciting opportunity to acquire an attractive retail investment in a growing Florida market. Furthermore, this property is positioned on two separate parcels at one of two entrances to a large housing subdivision. One of the parcels features a ground lease to McDonald's. With this asset, an investor will capitalize on both real estate appreciation and scheduled increases in income.

The property is located eight miles west of downtown West Palm Beach and 70 miles north of Miami near the terminus of North State Road 7 at Okeechobee Boulevard. This is a rapidly growing, predominately suburban area at the West Palm Beach-Royal Palm Beach border. Between 2006 and 2011, the population within a three-mile radius of the subject property is expected to grow by over 16%. The property is positioned at one of only two entrances to the 602-acre Baywinds Residential Planned Development, which currently consists of over 1,400 dwelling units. Furthermore, Minto Communities is building 442 single-family units directly west of Baywinds. The property's immediate neighbor to the west is Wachovia Bank, which in turn is next door to Sun Trust Bank. In the next block of Okeechobee Blvd. is Cobblestone Village, a neighborhood center tenanted by Target, CVS, Chevron, RadioShack, Coldstone and Crispers (a regional restaurant chain majority-owned by Publix).

Highlights

  • McDonald's Ground Lease - 5.50% CAP Rate
  • Mattress Firm Net Lease - 6.75% CAP Rate
  • Combined Yield - 6.12% CAP Rate
  • Adjacent to Walgreens, Wachovia Bank & SunTrust Bank
  • Across from Target-Anchored Retail Center
  • High Traffic Volume at Intersection - 86,991 Vehicles per Day

Research

Okeechobee Blvd. & SR-7, West Palm Beach, FL 33411 (Palm Beach County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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