Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2241/ Marcus & Millichap is pleased to offer for sale the fee simple interest in Palm Bay Plaza, a ±135,049 square foot retail center located at 4707 Babcock Street NE in Palm Bay, Florida (the "Property”). The Property presents a strong investment opportunity to purchase a Publix anchored, 36% occupied shopping center within a growing submarket of Florida’s Space Coast. The center includes 598 parking spaces on 12.319 acres. The Property is anchored by a high-performing Publix Super Market, which has successfully operated at the center since 1978, achieving gross sales exceeding $31 million in 2023. Publix recently renewed its lease early, which extends through April 20, 2030, and includes one remaining five-year renewal option. The Property is strategically positioned within a major retail corridor, surrounded by prominent retailers including Walmart, CVS, Family Dollar, U-Haul, Dollar General, O’Reilly, Burger King, Staples, Bravo, LA Fitness, and Bass Pro Shops. Publix has provided written interest to redevelop the store and a new site plan is available in the due diligence materials which shows a modern 10-unit Publix anchored plaza with outparcel opportunities. Palm Bay, located in Brevard County, is part of the greater Melbourne-Titusville metropolitan area. Palm Bay's economy is diverse, with key sectors including aerospace, defense, manufacturing, healthcare, and technology. The city's location along the Space Coast brings economic benefits from NASA’s Kennedy Space Center and other aerospace industry players, supporting significant job growth. The nearby Orlando-Melbourne International Airport (5 miles away) and Port Canaveral add to Palm Bay's attractiveness. The Property is centrally located just two miles from I-95 in a thriving community, surrounded by dense residential communities within a busy retail corridor. It benefits from visibility along Babcock Street, with traffic counts of 35,000 vehicles per day, and is situated just south of Palm Bay Road NE, a major retail corridor in the submarket with 39,000 vehicles per day. This location offers strong real estate fundamentals in an active area with compelling demographics, including a 2024 population of approximately 147,495 and an average annual household income of around $73,531 within a 5-mile radius. The region has experienced significant growth, with an approximate 7.85% increase in the population from 2020 to 2024, and is projected to grow another 9.64% over the next five years (5-mile radius).