REIT Sale – Former TGI Fridays | 50K VPD | $177K Avg HH Income | BJ’s Outparcel

Highlights:

• 5,461 SF Freestanding Value-Add Retail (Former TGI Friday) on 1-Acre Hard Corner Outparcel to BJ’s Warehouse in Royal Palm Beach, FL
• Nearby National Retailers: Walmart, Hobby Lobby, Starbucks, Ross, Home Depot, Lowe’s, Publix, Aldi, Burlington, Planet Fitness, Office Depot, and more
• Positioned Along SR-7/US-441 (±50K VPD) Near Southern Blvd (±63K VPD) Intersection with Convenient Access to Florida’s Turnpike (±100K VPD), I-95, US-1, & South Florida Metro
• Affluent Demographics with 3-Mile AHHI of $138K and 5-Mile Population of ±193K and Annual Household Income of ±$129K
• Minutes from Palm Beach Int’l Airport, West Palm Beach, Wellington Int’l Equestrian Venues, Palm Beach State College (30K students), 2 Major Hospitals
• Flexible CG, General Commercial Zoning Allowing for a Wide Variety of Uses

Description:

Ri Marketplace Online Auction November 17th-19th, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2788/reit-sale-former-tgi-fridays-50k-vpd-177k-avg-hh-income-bj-s-outparcel?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2788

Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing, second-generation restaurant/retail building located at 580 North State Road 7 in Royal Palm Beach, Florida 33411 (the “Property”). Formerly occupied by TGI Friday’s, the Property is being offered significantly below replacement cost, creating an exceptional opportunity for investors to acquire a highly visible, strategically positioned asset in a premier South Florida submarket with substantial value enhancement potential.

Built in 2001, the Property comprises a ±5,461 SF single-story building with 21’4” height situated on a ±1.0058-acre parcel (±43,811 SF). Positioned as an outparcel to the high-traffic Coral Sky Shopping Center, the site features 60 surface parking spaces, prominent signage opportunities, and ±212 feet of frontage along State Road 7 (SR-7), which sees more than ±50,145 vehicles per day (VPD). The 2nd generation existing restaurant infrastructure supports immediate reuse, while zoning and visibility make it equally well-suited for retail repositioning. Previously operated under a triple-net (NNN) lease, TGI Friday’s closed in January 2024, leaving the site primed for re-lease. CoStar estimates market retail rents in the range of $34–$42/SF NNN, underscoring the value-add potential. Zoned CG – General Commercial, the site accommodates a wide range of retail, service, and commercial uses, providing flexibility for both investors and owner-users.

Royal Palm Beach is centrally located in Palm Beach County along the SR-7 corridor, between Wellington and West Palm Beach, and serves as a key retail and commercial hub for western Palm Beach County. The Property benefits from excellent visibility along SR-7 and strong accessibility, just ±3-Mi from Florida’s Turnpike and ±8-Mi from I-95, providing seamless connectivity throughout South Florida. Situated as an outparcel to Coral Sky Shopping Center, the Property is surrounded by a dense retail corridor anchored by national tenants including Home Depot, Walmart Supercenter, Hobby Lobby, and Publix. Nearby dining options include Olive Garden, Chili’s, Buffalo Wild Wings, Starbucks, and Chick-fil-A, complemented by additional national retailers at the Mall at Wellington Green (±3-Mi north). This concentration of national and daily-needs retailers drives consistent consumer traffic across the trade area. Additional demand drivers include Wellington Regional Medical Center (±235 beds, 1,600+ employees), Palm Beach State College (±30,000 students enrolled countywide), and Wellington’s internationally recognized equestrian venues, which host year-round events and draw global visitors. The Property’s positioning within the Royal Palm Beach/Wellington submarket also provides convenient access to surrounding communities such as Loxahatchee, Greenacres, and West Palm Beach. Downtown West Palm Beach (±11-Mi) and Palm Beach International Airport (±8-Mi) further reinforce connectivity to major regional destinations. The surrounding trade area is affluent and expanding, with an average household income (AHHI) of $177,653 within 1 mile. The 3-mile radius is home to approximately 71,000 residents with an AHHI of ±$138,711, while the 5-mile radius includes more than ±193,850 residents with an AHHI of ±$129,501. These strong demographics provide a robust and affluent consumer base to support retail, restaurant, and service-oriented operations.


Lamar P. Fisher
Fisher Auction Company Inc.
License: AU93
Fisher Auction Co: AB106
The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Documents: