Dollar General Plaza

2695 Military Trail N, West Palm Beach, Florida

$9,995,000

Details

Price : $9,995,000
Cap Rate : 8.04%
Price Per SF : $$214
Building Size : 46,564 Sq Ft
Lot Size (AC) : 4.78
Year Built : 1987
Lease Type : NNN
Lease Expiration : Various
Renewal Options : Various
Rental Increases : Various
Status : Available
Property Type : Retail

Investment Highlights

Centrally located between I-95 and the Florida Turnpike.
Extremely low 4% retail vacancy in West Palm Beach sub-market.
South Florida MSA - Infill location in the highly desirable South Florida MSA.
Excellent visibility - 725 ft of frontage to over ±43,000 VPD with 3 access points.
National Tenant Anchor - Top performing Dollar General recently exercised 3rd 5 year option.
Historically high occupancy levels supported by a densely populated middle income demographic profile.
Directly across from Keiser University’s Flagship campus with over 20,000 students and 3,800 employees.
Ease of Management - Tenant mix comprised of a solid mixture of established businesses, many having long-term tenancy at the center.
Two miles south of the newly built 160 Acre, 7,500 seat Spring Training Baseball Stadium, home to the Houston Astros and Washington Nationals.
Diverse Tenant Mix - represented by retail, restaurant and professional services, providing stability and internet resistance to the income stream.
Dense, Growing Trade Area - The 1-, 3-, and 5-mile populations are 14,976, 99,567 and 245,175, with projected growth of 7.22% through 2023 and household income of $56,150, respectively.
Strategic Location - Located on Military Trail, a primary retail and commercial artery in Palm Beach County, just north of Okeechobee Blvd, one of the county’s busiest intersections with a combined traffic count of 77,154 VPD.

Description

NNN Investment Advisors is pleased to present for sale this fully stabilized, 46,564 SF Neighborhood Shopping Center with a free standing, 2 story professional building out parcel.  The center is anchored by one of the highest performing Dollar General’s in Palm Beach County that recently exercised its 5-year option and includes a healthy mix of local and national tenants. The Plaza features outstanding visibility with 726 feet of frontage along Military Trail with direct exposure to ±47,364 vehicles per day passing by and 3 ingress/egress points.

Directly across from the Subject is Keiser University’s Flagship Campus with over 20,000 students and 3,800 employees, currently undergoing development for a new football stadium.  The Subject is located in a dense retail area surrounded by numerous national credit retailers such as Publix, Bealls, Lowe’s, O’Reilly Auto Parts, Advanced Auto, Burger King, Chase, Bank of America, Circle K, CVS and is just south of the newly built Professional Spring Training Ballpark of the Palm Beaches, a 160 Acre, 7,500 seat Baseball Stadium, home for the Houston Astros and Washington Nationals, which drives additional traffic to retailers in the area. Centrally located between I-95 and the Florida Turnpike, Dollar General Plaza has enjoyed historically high occupancy levels benefiting from from a 4% sub-market vacancy rate, one of the lowest retail vacancy rates in the nation.

The 1-, 3-, and 5-mile populations are 14,976, 96,567 and 245,175, respectively with an average home value of $213,598. The surrounding population is expected to increase by 7.22% by 2023 as new residents migrate to this attractive south Florida community.

Offering Memorandum

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