Transwestern Sees Brisk Investor Interest for Asset in Destination Retail Corridor
(FEB. 27, 2019 – PORT ST. LUCIE, FLA.) – Transwestern today announces it has closed the $5.78 million sale of the Marketplace at Port St. Lucie, a 112,385-square-foot shopping center spanning 15.32 acres at 10230 –10368 U.S. Highway 1 in Port St. Lucie, Florida. Transwestern Managing Director John Bell led the marketing and sale of the value-add investment on behalf of the seller. The property was auctioned on the RealINSIGHT Marketplace platform.
“Investor interest was very strong for Marketplace at Port St. Lucie due to its high-profile location at the intersection of U.S. Highway 1 and Jennings Road along the market’s destination retail corridor,” said Bell. “The shopping center tenancy represents the new retail economy, including experiential, restaurant, office, medical, and value-oriented tenants.”
The 85 percent occupied center includes Dollar Tree and CSL Plasma. Its steady, in-place income has been unwavered by current shifts in the retail industry from e-commerce, and it has enjoyed significant foot traffic from surrounding businesses. Rents are currently below the average in the market, which experienced 8 percent growth during the past year.
“Market trends will allow for meaningful rental rate growth under the new ownership amongst several additional value-add opportunities,” said Bell.
Port St. Lucie has seen consistent population and business expansion during the past decade. Over the next five years, the market is projected to experience an 8 percent growth in employment and outpace the employment growth expectations for Florida of 6 percent. The strengthening fundamentals are expected to further boost consumer confidence that will positively impact its retail market, and, in turn, the performance and retention of tenants at the Marketplace at Port St. Lucie.
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