Infill Wellington (Palm Beach County) Retail Center Is on the Market

Tuesday, September 18, 2018

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale The Plaza at Wellington Green, a 57,221-square-foot, fully leased community shopping center in an infill location within an affluent Palm Beach County location in the densely populated community of Wellington, Florida.

Completed in 2004, The Plaza at Wellington Green is situated on 10 acres at 2205 South State Road 7, which exposes the center to more than 56,000 vehicles per day. Palm Beach County has one of Florida’s strongest economies and has an Unemployment Rate of 3.9 percent, which is lower than both the state and the national average. The county has the highest ratio of wages to cost of living in South Florida, attracting more net migration than both Broward and Miami Dade Counties. It is also the third-fastest-growing metropolitan area in Florida. Approximately 200,000 new homes are projected to be built in Palm Beach County over the next five years to support the South Florida market. Wellington’s affluent community has grown 61 percent since 2000 and boasts median home values that are nearly double the state average.

The retail center for sale is home to a top-tier merchandising mix ideally tailored to the modern-day retail consumer who wants a combination of fitness, food, medical and service tenants, including Office Depot, Zen Massage, Wells Fargo Bank, Kabuki Japanese, Devine Bistro, Bethesda Health Physicians, Men’s Wearhouse, Petrover Orthodontics and Flanigans. 

Retail Property for Sale Investment Highlights

  • Premier Location with Highly Functional and Visible Retail Format:  The Plaza at Wellington Green is in a high-profile, regional location along Wellington’s primary retail corridor, State Road 7 and US Highway 441 and strategically located on the immediate periphery of the area’s dominant enclosed regional mall, the 1.3 million square feet Mall at Wellington Green.
  • Strong Leasing Momentum with Consistently Positive Leasing Spreads:   The retail center for sale is experiencing compelling leasing momentum with more than 8,200 square feet of leasing activity over the past 12 months, including the addition of Kabuki Japanese and the renewal of Devine Bistro and Zen Massage. Additionally, The Plaza at Wellington Green has had two consecutive years of positive leasing spreads (up 18 percent over the past two years). Notably, rental rates for new tenant signings have increased by more than 30 percent over the previous tenants.
  • Synergistic and Diverse Tenant Mix:  The center’s tenant roster comprises food, medical and service tenants with a strong credit profile.  The property’s restaurants are among the most popular in the community and benefit from well-established businesses/loyal customer following with an average tenure exceeding seven years.
  • Superb Demographics:  More than 207,900 residents live within a five-mile radius of The Plaza at Wellington green and have an average household income of $94,470. Notably, the average household income within a one-mile radius in an impressive $137,688.

The fully leased retail property for sale provides an investor with the opportunity to acquire a real estate asset with a strong tenant mix and leasing momentum in an optimal location within an affluent, dense area. For more information on this or other available retail properties in the South Florida, please contact Danny Finkle, Luis Castillo or Eric Williams in HFF’s Miami office.

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