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Shopping Neighborhood

The Market Place of Lake Worth

7300 Lake Worth Rd, Lake Worth, FL 33467

Listing Price: $15,875,000

Cap Rate
8.00%
Gross SF
78,147
Rentable SF
78,147
Price/Gross SF
$203.14
Lot Size
11.84 acres
Year Built
1961

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale, The Market Place (the “Property”), a ±78,000-square-foot, grocery anchored retail plaza. The Market Place spans a full block, benefiting from over 1,000 feet of frontage along Lake Worth Road, the primary exit off of the Florida Turnpike for the cities of Wellington, Greenacres and Lake Worth. The Property is situated on and between two signalized intersections, one-half-mile east of the Florida Turnpike, and benefits from traffic counts exceeding 38,000 vehicles a day and population counts of over 113,000 people within a 3-mile radius. The Market Place is located on nearly 12 acres of land and features three outparcels with direct frontage along Lake Worth Road. The Property offers six points of access providing ease of entry to both east and westbound traffic. The 100-percent occupied Property offers a diverse mix of local, longterm tenants and is anchored by New Asian Market, a 9,000-square-foot Asian Specialty Grocer who recently signed a 10-year lease, and Movies of Lake Worth, an 8-screen, nearly 12,000-square-foot movie theater. Movies of Lake Worth, the sister theater to Movies of Delray in DelrayBeach, is admired for its boutique feel and currently has a 4.8-star rating on Google Reviews. The Market Place also generates management-free income from two cell phone towers which are leased to national carriers AT&T and Sprint. The Market Place shares a parking lot with the Lake Worth Medical Center, a newly constructed medical office building, driving additional traffic to the Property. Ownership of the medical building contributes parking rent of approximately $50,000 annually, with escalations, including 32 percent of the parking lot maintenance expenses. The Property is across the street from Nassau Square, a Publix-anchored retail plaza, and is surrounded by several national retailers including Dollar Tree, Goodwill, Pet Supermarket and Walmart. It is also near several country clubs and residential communities including The Falls Club of the Palm Beaches, Winston Trails Gold Club, Wycliffe Golf & Country Club and Forest Oaks Golf Club.

Investment Highlights

  • Immediate Upside can be Realized Through Outparcel Development and Raising Under-Market Rents upon Lease Rollover
  • Located One-Half Mile East of the Florida Turnpike with over 1,000 Feet of Frontage Along Lake Worth Road
  • Grocery-Anchored by Asian Specialty Grocer with Approximately Six Years of Lease Term Remaining

Exclusively Listed By

Shopping Neighborhood

The Market Place of Lake Worth

Listing Price: $15,875,000

Cap Rate
8.00%
Gross SF
78,147
Rentable SF
78,147
Price/Gross SF
$203.14
Lot Size
11.84 acres
Year Built
1961

Investment Highlights

  • Immediate Upside can be Realized Through Outparcel Development and Raising Under-Market Rents upon Lease Rollover
  • Located One-Half Mile East of the Florida Turnpike with over 1,000 Feet of Frontage Along Lake Worth Road
  • Grocery-Anchored by Asian Specialty Grocer with Approximately Six Years of Lease Term Remaining

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale, The Market Place (the “Property”), a ±78,000-square-foot, grocery anchored retail plaza. The Market Place spans a full block, benefiting from over 1,000 feet of frontage along Lake Worth Road, the primary exit off of the Florida Turnpike for the cities of Wellington, Greenacres and Lake Worth. The Property is situated on and between two signalized intersections, one-half-mile east of the Florida Turnpike, and benefits from traffic counts exceeding 38,000 vehicles a day and population counts of over 113,000 people within a 3-mile radius. The Market Place is located on nearly 12 acres of land and features three outparcels with direct frontage along Lake Worth Road. The Property offers six points of access providing ease of entry to both east and westbound traffic. The 100-percent occupied Property offers a diverse mix of local, longterm tenants and is anchored by New Asian Market, a 9,000-square-foot Asian Specialty Grocer who recently signed a 10-year lease, and Movies of Lake Worth, an 8-screen, nearly 12,000-square-foot movie theater. Movies of Lake Worth, the sister theater to Movies of Delray in DelrayBeach, is admired for its boutique feel and currently has a 4.8-star rating on Google Reviews. The Market Place also generates management-free income from two cell phone towers which are leased to national carriers AT&T and Sprint. The Market Place shares a parking lot with the Lake Worth Medical Center, a newly constructed medical office building, driving additional traffic to the Property. Ownership of the medical building contributes parking rent of approximately $50,000 annually, with escalations, including 32 percent of the parking lot maintenance expenses. The Property is across the street from Nassau Square, a Publix-anchored retail plaza, and is surrounded by several national retailers including Dollar Tree, Goodwill, Pet Supermarket and Walmart. It is also near several country clubs and residential communities including The Falls Club of the Palm Beaches, Winston Trails Gold Club, Wycliffe Golf & Country Club and Forest Oaks Golf Club.

Exclusively Listed By

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