Details
Investment Highlights
Description
Boca Raton Plaza is a 7,040 SF retail strip center strategically located between Glades Road and NW 20th Avenue just west of North Dixie Highway in the affluent, extremely dense East Boca Raton submarket of Palm Beach County Florida. Built in 1993 and renovated in 2015, this well maintained property features ample parking and benefits from approximately 265 SF of frontage as well as two ingress/egress points on busy NW 2nd Ave (NW Boca Raton Blvd) with approximately 20,500 VPD.
This 100% occupied center is currently subdivided in a two tenant configuration. Minuteman Press, a local franchisee of this national tenant, has two years remaining on its original 12-year lease with one, three-year option to renew and 3% annual rental increases. Lee’s BBQ Grill Center, which has been in business since 1989, has three years remaining on its original 14-year lease term with 4% annual increases. Lee’s current rental rate of $22.89 per SF/year is under market for the area, providing for likelihood of renewal or future upside to increase rents at lease expiration.
Situated in one of Florida’s top trade markets, the subject property is in close proximity to the Boca Town Center, a 1.7 million square foot Simon-owned shopping and retail destination with national anchors including Neiman Marcus, Bloomingdale’s, Nordstrom, Saks Fifth Avenue and Macy’ s. Other national retailers in the area include Publix, Whole Foods, Nordstrom Rack, Bed, Bath & Beyond, Total Wine, Cheesecake Factory and high-end restaurants including Capital Grille and Morton’ s. Boca Raton is also home to the corporate headquarters of Office Depot, ADT, Lynn University and Cancer Treatment Centers of America. The subject property is located close to I-95, the main North/South artery along the East Coast and serves the South Florida population of more than 5 million people within the tri-county area.
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