Walmart property, strip center, and land development opportunity in Palm Beach County, located on the hard corner intersection of S Military Trail and Flavor Pict Rd. The property consists of 8.25 acres, including .91 acres on the hard corner intersection available for development.
Walmart constructed their own 46,400 SF building and executed a 20 year ground lease commencing in 2013 and expiring in 2033. The lease features sixteen (16), five (5) year option periods with rental increases in each option period. Walmart’s rent/bldg sf is below $5.66/SF, providing an investor with security and the potential to increase value tremendously if Walmart should ever vacate. Walmart maintains the retention pond as well as all roads throughout the development.
The 4,955 SF strip center adjacent to the Walmart property contains four tenants all on triple net leases. Each lease reimburses in full for all CAM, Taxes, Insurance, and Capital Expenditures including roof, structure, parking lot replacement, and more. All four tenants are subject to ten year lease terms which commenced in 2019 and 2020 and feature fixed increases throughout.
The .91 acre parcel on the hard corner intersection of S Military Trail and Flavor Pict Rd has been approved for a 2,900 SF bank site, but is available to develop to a wide array of potential uses for the potential buyer.
The subject property is located in a densely populated part of Boynton Beach with 10,000+ people living within a 1-mile radius of the property and 270,000+ people living within a 5-mile radius of the property. The intersection sees 38,000+ vehicles per day passing by the property on average.