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33255766
33255763

12475 Northlake Boulevard, Palm Beach Gardens, FL 33412

AD
NC NC 317771
Berkeley Capital Advisors Charlotte
RF
NC 280948
Berkeley Capital Advisors Charlotte
Listed by Berkeley Capital Advisors Charlotte
$10,988,000
10 days on market
Updated 10 days ago

Walgreens

Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 15,161
Cap Rate 5.65%
NOI $620,848
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 15
Lease Expiration 05/31/2041
Remaining Term 15
Rent Bumps Yes
Lease Options Eleven, 5-Year
Price per SqFt $725
Broker Co-Op True
Class A
Year Built 2026
Acreage 1.520
Zoning Commercial
Parking Spaces 62 spaces
Parking Per SqFt 4.09
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 05/18/2026
Ground Lease No

Retail | 5.65% CAP | 15,161 SqFt

Investment highlights

• Brand new 2026 construction | Prototype Walgreens with modern design and construction standards

• Absolute net lease | Zero landlord responsibilities

• Positioned within Avenir Master Plan | Located at the entrance to the 4,700+ acre Avenir master planned community in rapidly growing western Palm Beach Gardens | Click HERE for more info

• Strategic Northlake Blvd frontage | Excellent visibility and accessibility along one of the area’s primary east-west commuter corridors | 35,500VPD

• Dominant daily-needs retail corridor | Outparcel to the newly developed Avenir Town Center | 200K SF retail center anchored by Publix and complementary necessity-based retail

• Desirable lease term | 15-year term with rare rental increases in the primary term and options

• High-Income consumer base | Dense concentration of affluent full-time and seasonal residents supports strong pharmacy, convenience, and healthcare demand | $175,920 average household income within a 3-mileradius

• Essential retail serving a rapidly expanding residential base | Walgreens is strategically positioned to capture daily-needs traffic from both existing luxury communities and future residential growth throughout the Avenir corridor | 8.72% projected population growth within a 3-mile radius by 2030

• Surrounded by Affluent Golf & Country Club Communities | Nearby luxury communities and clubs include The Country Club at Mirasol, BallenIsles Country Club, and Frenchmans Reserve Country Club among countless others

• New Hospital being developed within walking distance | Jupiter Medical Center, its Avenir Campus will have a two-story hospital of 53K SF with 29 beds and a three-story medical office building of 47K SF | The project should break ground in June and be completed in early 2028

• 20 minutes from Palm Beach International Airport | 200 flights per day

• Nearby destination retailers | Target, Costco, Publix, ALDI, Home Depot, Lowe’s, Marshalls, HomeGoods, Office Depot, Outback Steakhouse, First Watch, Chick-fil-A, Dunkin’, Panera Bread, McDonald’s, Firehouse Subs, Burger King, and more

Listing Contacts

AD
NC NC 317771
Berkeley Capital Advisors Charlotte
RF
NC 280948
Berkeley Capital Advisors Charlotte
Listed by Berkeley Capital Advisors Charlotte

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$620,848.00
$51,737.33/mo

Valuation Metrics

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DSCR
5.65%
Cap Rate
5.65%
ROI

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