4th & 5th Delray_Property for Sale
4th & 5th Delray_Property for Sale
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
98,249 sf
Occupancy
93%
Year built
2019
Land area gross
1.70 acres
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



4th & 5th Delray 4_Property for Sale
4th & 5th Delray 4_Property for Sale

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4th & 5th Delray (0 Properties)

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Last updated
Dec 6, 2023