All Tenants Current on Rent Throughout COVID Pandemic with No Deferrals or Abatements, Showing Resiliency of Tenant Mix

Palm Gate Plaza offers an investor a highly visible, well-designed neighborhood center, located on a major commercial artery in an established and densely populated trade area of West Palm Beach.​ West Palm Beach is the largest city in Palm Beach county, with 113,749 residents and projected 7.2% Population Growth Expected in a 10-mile Radius over the Next 5 Years.​  Palm Gate Plaza presents a rare, generational opportunity to purchase a shopping center of significant scale that has not traded since 1994, providing stable cashflow, a secure income stream with tremendous future upside.​ 

This low hassle/low management center features all NNN leases, making an ideal 1031 exchange.​ Property-wide in-place rents average only $16.29 PSF, approx.​ 30% below prevailing market rates, enhancing tenant stability and competitiveness.​ These rents can easily be replaced as leases roll, providing an opportunity to drive NOI.​

Projected NOI Growth of approximately $517,379 (+63%) over an anticipated 10-Year hold period provides outstanding income growth through a combination of scheduled rent increases, bringing rents to market and out parcel development.​

Long Term, Investment-Grade Anchor, Dollar General, secures 20% of the GLA and has 8+ years remaining with 2, 5-Year options with 10% increases.​ Dollar General early renewed their first option showing their commitment to the location.​ This is reportedly one of the top performing locations in the county.​

Palm Gate Plaza is comprised of a complementary and diverse tenant mix of “daily needs” discount retail, food & beverage, medical, professional & community services.​ These tenants demonstrate internet and recession resistance, which cannot be replaced online, providing a barrier to internet competition.​

Dollar General’s sales skyrocketed while Retail dominated by “mom and pop” type tenants endured particularly strongly during the COVID pandemic.​ The fact that all rents remained current and required no abatements or deferrals is a testament to the strength and resiliency of the tenant profile at Palm Gate Plaza.​

Florida is the 2nd Fastest Growing State in the Nation.​  An Estimated 601,611 People Relocated to Florida in 2019.​ The South Florida Region is Projected to Increase By More Than 12% For Each of the Next 3 Decades, according to the US Census Bureau.​