Investment Highlights
- 100% Occupied, Anchor Tenants Include Chipotle, Carbon Health and Trulieve Medical Cannabis Dispensary
- High End Construction Ideal for Long-Term Ownership
- Brand New Location, Built and Opened in 2022 | Prime Palm Beach County Location
- All Tenants Have Long Term, Triple Net (NNN) Leases
- Directly Adjacent to a Brand-New Aldi – Currently Under Construction, Opening in 2023
- Growing Market – Approx. 2,000 Homes are Under Construction or Recently Completed in a Quarter Mile Radius
- Dense and Affluent Palm Beach County Demographics – Average Household Income in One Mile is $109,902 and Expected to Rise to $120,989 in the Next Five Years
- Located on Lake Worth Road, a Main Retail Thoroughfare With a Traffic Count of More Than 42,500 Vehicles Daily
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire The Shoppes at Polo Legacy in Lake Worth, Florida (West Palm Beach MSA/Palm Beach County). This brand-new construction, multi-tenant investment is 100 percent occupied by restaurant and medical tenants, anchored by Chipotle, Carbon Health, and Trulieve Medical Cannabis Dispensary. This is a true pride of ownership asset – the combination of brand-new, high-end construction with just five tenants offers ease of management and a strong passive investment.
The property was built and opened in 2022 and all tenants have triple net leases. Chipotle has a unique 15-year, triple net lease which is unusual for a multi-tenant Chipotle. The property also includes outdoor patio seating and a drive-thru lane.
The property sits directly adjacent to a brand-new Aldi which is currently under construction and opening in 2023. The site also includes townhomes which are under construction. The property is located at the entrance of Saddlewood Community which is a housing complex with 150 residential units. Lake Worth is a growing market with approximately 2,000 homes under construction or have been recently completed within a quarter mile of the property. In addition, Cleveland Clinic Florida plans to build 350,000 square feet of medical offices directly across the street from Subject Property, which will drive more traffic to the area.
The Shoppes at Polo Legacy is located on Lake Worth Road, a main retail thoroughfare with a traffic count of more than 42,500 vehicles daily and is positioned between Florida’s Turnpike with 80,000 vehicles per day, and State Road 7 with 52,500 vehicles per day. Surrounding national retailers include Aldi, Walmart Neighborhood Market, Publix Supermarket, Target, Pet Supermarket, Dollar Tree, Advance Auto Parts, Goodyear Tires, Bonefish Grill, Brooklyn Water Bagel, Burger King, McDonald’s, Wendy’s, Dunkin’ Donuts, Mattress Firm, The UPS Store, Great Clips, ABC Fine Wine & Spirits, Bank of America, Wells Fargo, Truist, Chase Bank, CVS, Walgreens and many more.
Lake Worth is located in Palm Beach County and part of the West Palm Beach metropolitan area with dense and affluent demographics. The population is nearly 230,000 within five miles of the Subject Property, and the average household income in one mile is $109,902 and expected to rise to $120,989 in the next five years.
