Dominant Royal Palm Beach Grocery-Anchored Shopping Center for Sale

Tuesday, April 16, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a 232,717-square-foot, dominant, grocery-anchored community shopping center for sale in an affluent and rapidly growing South Florida trade area. Coral Sky Plaza is in one of South Florida’s most highly coveted retail submarkets, the Wellington/Royal Palm Beach retail submarket.

Anchored by a top-performing BJ’s Wholesale Club, Coral Sky Plaza is home to a diverse tenant mix, including Ross Dress for Less, Bed Bath & Beyond, buybuy Baby, Five Below and Famous Footwear. The retail center for sale is on 24.97 acres at 510-590 State Road 7 in a premier infill location for retail near the area’s dominant enclosed regional mall, the 1.3 million-square-foot Mall at Wellington Green. 

Royal Palm Beach and Wellington are affluent communities that are both thriving family-oriented suburbs that are home to some of the world’s premier equestrian facilities, horse farms and nurseries. They offers residents some of the best neighborhood schools, equestrian trails and more than 30 park locations. It also features numerous lifestyle and recreation amenities, including the Polo Museum and Hall of Fame and exclusive lifestyle communities oriented around golf, tennis and private aviation facilities. 

Coral Sky Plaza benefits from its location at a dominant regional retail intersection with a strong national tenant presence. The retail property’s trade-area demographics rival that of South Florida’s top retail submarkets with an ideal combination of population density, population growth and affluence. There are approximately 200,000 residents with an average household income of $95,000 within a five-mile radius ($6 billion in trade area buying power). Furthermore, the trade area population is projected grow an additional 9% over the next five years

Retail Property for Sale Investment Highlights

  • High-volume regional grocer
  • Substantially below market anchor rents and strong tenant demand
  • Proven rent resiliency and positive leasing spreads
  • Strong renewal history and high probability of continued tenant renewal with anchor rents 30% below market
  • Secure and diverse revenue stream with 80% attributable to credit tenants
  • Exceptional retail submarket fundamentals with 96% occupancy and 20.4% rent growth since 2015
  • Ideal demographic profile 

Coral Sky Plaza is a retail property for sale that offers an investor the opportunity to purchase a dominant shopping center with a top-performing grocer in an infill location that caters to an affluent population. 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. To view this retail property for sale’s listing page, where you may download a CA agreement to receive more detailed materials, please click here.

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