5270 Babcock St NE
Palm Bay, FL 32905
Marketplace at Palm Bay · Retail Property For Sale

JLL Capital Markets is pleased to present Marketplace at Palm Bay, a Winn-Dixie anchored center located at 5270 Babcock Street NE in Palm Bay, Florida, within a densely populated, highly trafficked area. Marketplace at Palm Bay is anchored by Winn-Dixie and is currently 89.4% occupied by a diverse roster of national and local tenants. Winn-Dixie has a liquor store integrated into their box and has renewed three times, showing a long-term commitment to the center. Most recently, Winn-Dixie renewed in 2016 and has six years remaining term. The center boasts unparalleled tenant retention and longevity; eight of the 12 current tenants, including anchors Winn-Dixie and Bealls Outlet, have been at the center for more than 10 years and have renewed at least once. Marketplace at Palm Bay has enjoyed recent leasing momentum and there is potential upside through to leasing-up available space. Due to the current low rent structure, the property is expected to yield an extremely favorable price relative to replacement cost. Marketplace at Palm Bay is conveniently located with near access to I-95 (78,000 VPD) allowing for superior connectivity to the entire Melbourne MSA. The property is situated with frontage along one of Palm Bay’s most heavily trafficked roads, Babcock Street. Marketplace at Palm Bay represents an excellent opportunity to acquire a grocery anchored, cash-flowing center with both stable income and upside opportunities.