Park Ave Shoppes (Palm Beach MSA)
Value Add Retail Opportunity | Below Market Rents
Marketing description
Park Ave Shoppes at 836–850 Park Avenue, Lake Park, FL is a rare value-add retail investment in the heart of Lake Park’s emerging downtown corridor. This fully occupied, 7,200 SF multi-tenant strip center spans two adjacent buildings on 0.50 acres and is being offered for the first time in more than 60 years.
Positioned in the Park Avenue Downtown District, the property sits at the center of a rapidly transforming trade area fueled by more than $1 billion in nearby development, including Nautilus 220, the approved Nautilus 211 waterfront project, and the 595-unit Residences at 10th & Park. With the majority of the eight suites rolling within 12 months of acquisition, investors have a compelling opportunity to mark rents to market and unlock upside from below-market in-place leases.
Surrounded by dense neighborhoods, strong daytime population, and limited new retail supply, Park Ave Shoppes benefits from excellent accessibility to U.S. 1, I-95, and the broader Palm Beach MSA. A planned Tri-Rail Coastal Link station near Park Avenue further enhances the long-term growth story.
Investment highlights
BELOW MARKET RENTS
In-place rents are well below current market rates for comparable inline retail. Four lease expirations within 12 months of acquisition provide immediate opportunity to reset rents to market.
FIRST TIME ON THE MARKET SINCE 1962
The property has been under single-family ownership for over 60 years and is being offered for the first time, fully occupied.
GROUND ZERO FOR LAKE PARK’S DOWNTOWN REDVELOPMENT
Park Ave Shoppes sits at the center of the Park Avenue Downtown District (PADD), where Lake Park has rezoned for high-density mixed-use. The corridor is undergoing significant private investment activity driven by the Town’s planning initiatives.
$1 BILLION+ IN NEW DEVELOPMENT WITHIN WALKING DISTANCE
Nautilus 220 — the largest condo-anchored mixed-use project in Palm Beach County — has opened, delivering 330 luxury waterfront condos, 22,600 SF of retail, and 13,000 SF of office space within blocks of the property. Units are priced from $600K to over $4M.
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