25 SE 4th Ave, Delray Beach, FL, 33483-4513, US

4th & 5th Delray

Asset description

Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire 4th & 5th Delray, a 98,249 square foot, mixed-use asset constructed in 2019. Anchored by a strong performing IPIC Theater, 4th and 5th Delray features best-in-class office space with two national tenants along with a high-quality ground floor service use. The Property enjoys a prime, heavily trafficked location in the heart of Delray on NE 4th Avenue intersecting Atlantic Avenue.

4th & 5th Delray represents the rare opportunity to acquire a premier mixed-use project of scale with best-in-class construction, high-profile tenancy, and upside potential in one of the most sought-after submarkets in South Florida.

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Attributes

Building area net

9,128 sm

Occupancy

93%

Year built

2019

Land area gross

0.69 ha

WAULT

8 years

Parking spaces

326

Media

Investment highlights

Trophy Delray Beach Location with a Dense and Affluent Customer Base

Ground zero location in heart of Delray Beach, one of the most dynamic live-work-play locations in South Florida
Directly benefits from over 5 million pedestrians along Atlantic Avenue annually
Over 70,000 people with an average household income of over $106,000 within 3 miles

Compelling +100% NOI Growth Over 10-Years with Secure In-Place Income

Immediate upside potential via lease up of highly desirable ground floor retail space
Contractual rent increases provide steady near-term growth while mark-to-market of office tenants and future potential IPic percentage rent represent embedded upside and potential long-term revenue growth
Additional potential revenue growth via increased transient and reserved parking revenue

Best-in-Class, Heavily Amenitized Office Space with Substantially Below Market Rents

Exceptional high-end office finishes with significant tenant capital invested in addition to landlord TI allowance
Embedded mark-to-market potential with in-place office rents 44% below market

Dominant Luxury Theater with Exceptional Sales Performance

Palm Beach County's most luxurious theater experience
Strong and steadily growing IPic sales, up over 18% since 2022

Recent Institutional-Quality Construction

Institutional-quality real estate constructed in 2019 offered below replacement cost
Limited future capital outlay required as both the exterior and interior spaces consist of top tier finishes