Palm Bay, Florida – We have scoured the State of Florida for any Grocery-anchored Retail Shopping Centers. We found a recent commercial real estate transaction in Palm Bay, Florida. A net leased, Retail Shopping Center in Palm Bay, sold for $14.25 million. Palm Bay is approximately 110 miles north of the West Palm Beach, Florida. The area of Palm Bay and Melbourne are capable of growth for Triple Net Lease Properties once the economy improves. The northern Florida Palm Bay area has more land that can be used for New Developments for National Tenants. Palm Bay economy is diverse but it is still somewhat dependent upon the space exploration programs and associated businesses.
The Retail Shopping Center that sold was Palm Bay West. The net leased property, Palm Bay West is approximately 263,343 square-feet of space for leasing in this retail shopping center. This net leased investment was constructed in 1989. The purchase price $14.25 million for this net leased property was not involving Investment Property financing as it was an all cash deal. This Florida Retail Shopping Center was approximately 91% leased at the time of sale.
This Florida retail shopping center, Palm Bay West is located at the intersection of Malabar Road and Minton Road. This net lease investment has gross leasable area signed up with a major tenant, Winn Dixie Grocery Store. Other net lease property Tenants at this Retail Shopping Center are Bealls Department Store, Ace Hardware, Dollar Tree, and there is a 10-screen theatre.
Some NNN Florida Commercial Real Estate investors see Bealls as a similar Tenant to a Kohl’s, JC Penney. The net leased Tenant Bealls is a privately held company, rich in tradition. The net leased tenant, Bealls is owned by the founding family and its employees. Bealls Department Stores was founded in 1915 and they currently operate about 80 store locations in the state of Florida. Bealls also has the ability to conduct business online through in addition to BeallsFlorida.com.
This Property is one of the largest retail shopping centers in the western Brevard County. The retail shopping center is centrally situated to help serve the future growth of the western Palm Bay community. The traffic counts are approximately 19,111 (cars per day) CPD on Minton Road and 19,379 CPD on Malabar Road.
The seller of this Retail Shopping Center was Edens & Avan. The net leased investment seller, Edens & Avan is a private commercial real estate investment company based in Colombia, South Carolina. Currently We receive many requests for Grocery-anchored Retail Shopping Centers with Publix and Kroger. However, Winn Dixie has a long history in Florida for grocery store chains. The buyer of this net lease property was a New York-based limited liability company.
This retail shopping center with Winn Dixie as an anchor tenant signifies a demand for an alternative to the Publix anchored NNN lease properties. Also with CTL Financing available for triple net lease properties and retail shopping centers, this market is still an excellent market for investing. These types of net lease investments are also excellent choices for a 1031 Exchange replacement property. Net Lease Properties can be purchased individually or on a portfolio basis.
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