Description de l'actif
Jones Lang LaSalle (“JLL”) is pleased to present a unique opportunity to acquire 490 E Palmetto Park Road (the “Property” or “Opportunity”). This iconic three-story building spans approximately 30,000 square feet and is located just north of the renowned Boca Raton Resort and Club in the highly desirable city of Boca Raton, FL. Situated with an impressive 140 feet of direct frontage on Palmetto Park Road, the main thoroughfare of downtown Boca Raton, the Property occupies just under a half-acre in DDRI zoning. Notably, the east-facing views of the intracoastal waterway are permanently protected by Silver Palm Park, increasing the appeal of this exceptional long-term investment.
Constructed in 1990, the Property has undergone significant renovations as part of the development of the neighboring Royal Palm Residences, a luxurious 48-unit boutique condominium project. Recent capital investments have improved the Property, including a new roof, upgraded HVAC systems, and enhanced electrical systems. The ground floor of the Property currently serves as a sales center for the Royal Palm Residence, featuring a fully built-out model unit. The remaining space is in shell condition, providing the prospective purchaser with the exciting opportunity to customize the office build-out according to their specific requirements. The Property will be sold 100% vacant with no tenant obligations in-place. Additionally, the Property offers the advantage of 93 parking spaces in the lower level of the garage at the Royal Palm Residence. This arrangement is secured through a permanent agreement with the condo association, ensuring ample parking for tenants and visitors.
Boca Raton has experienced an unprecedented influx of flight capital, driven by the state's stable economic outlook, pro-business/low tax environment, and exceptional quality of life. The acquisition of 490 E Palmetto Park Road presents an outstanding opportunity for investors to acquire a landmark property in a prime location with significant potential for value appreciation and future development.
Caractéristiques de l'actif
Média
Points clés d'investissement
· Boutique, Three-story, +/- 30,000 SF Vacant Office Building
· Main and Main Location with Forever Water Views - Windows and Balconies Directly Overlooking Parks and Intracoastal
· 93 Private Covered Parking Spaces in Newly Built Structured Parking Garage at Adjacent Royal Palm Residences
· Recently Updated Roof and Newly Installed HVAC and Electrical Systems Throughout the Property
· Tremendous Frontage on Palmetto Park Road in High Barrier to Entry Downtown Boca Raton Market
· Adjacent To Abundant Executive Housing and Connected to Newly Built Royal Palm Residences ($3M+ Entry Price Point)
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