Peachtree Plaza

Highlights:

• +/- 64,000 SF Retail/Medical Plaza on Over 8 Acres in the High-Demand Delray Beach Market
• All leases are NNN, Protecting an Investor from Rising Operating Costs Impacting Net Operating Income
• 800-Feet of Frontage on Atlantic Ave with 50,000 Vehicles/Day
• Prime 1-Acre Outparcel has Potential to Generate Significant Additional Net Income via Ground Lease
• Current Rents +/-20% Below Market w/ 42% of Tenancy Expiring by end of 2025 Providing Immediate Value-Add Potential
• Several Affluent Country Clubs in the Area, Driving Consistent Customer Traffic with Strong Spending Power
• Multiple Access Points and Signalized Intersection Provides Easy Access to Property

Description:

SVN Commercial Partners, as the exclusive agent, is pleased to present for sale Peachtree Plaza (the “Property”), a +/- 64,000-square-foot retail and medical plaza located in Delray Beach, Florida (West Palm Beach MSA). The Property is situated on over 8-acres along W Atlantic Avenue between Jog Road and S Military Trail, including a prime 1-acre outparcel at the signalized corner of Via Flora and Atlantic Avenue, benefiting from a combined traffic count of approximately 50,000 vehicles per day.

Originally built in 1984, Peachtree Plaza has undergone significant upgrades since 2019, ensuring it remains modernized and well-maintained. Currently 86% occupied, the Property offers in-place rents approximately 20% below prevailing market rates. 42% of the tenancy has leases that expire by the end of 2025 creating an immediate value-add opportunity for rental growth. The Property also includes a one-acre outparcel pad that is primed for development. Per code, the outparcel pad can accommodate up to a 10,000 square-foot structure with the potential for a ground lease that generates over $150,000 of additional net income.

Peachtree Plaza boasts nearly 800-feet of frontage on Atlantic Avenue, a major east-west thoroughfare in Palm Beach County that provides access to the Florida Turnpike, Interstate 95, Downtown Delray Beach, and the beach. The Property features two access points along Atlantic Avenue, including a signalized intersection, ensuring excellent visibility and convenient access for all directions of traffic.

More than 216,000 people reside within a 5-mile radius, with an average household income of approximately $90,000. Recent additions to the tenant mix, including ChenMed, reflect the growing transition from traditional retail to medical use, supported by a strong demand for medical services from an aging population (average age of over 65 years within a 3-mile radius).

Peachtree Plaza is surrounded by several prestigious golf and country clubs, including Gleneagles Country Club, Addison Reserve Country Club, Mizner Country Club, and Seagate Golf Club, and is located just a block from Hamlet Country Club. The area is also surrounded by major retailers such as Sprouts Farmers Market, Publix, Ross Dress for Less, MD Now, Starbucks, CVS, Hobby Lobby, and Planet Fitness. The current ownership has invested in recent improvements, such as repaving and striping the parking lot and repainting the building exterior, demonstrating pride of ownership and diligent maintenance.

Peachtree Plaza presents a rare opportunity for investors to acquire a well-located, income-producing asset with significant upside potential in one of the most sought-after markets in the country.

Strategically located in the highly desirable city of Delray Beach, Florida, Peachtree Plaza at 5850 W Atlantic Avenue offers an exceptional investment opportunity. Positioned between Jog Road and S Military Trail, this retail and medical plaza benefits from its prominent frontage along Atlantic Avenue, one of the area's main east-west corridors. The Property's location ensures excellent visibility and access, with over 50,000 vehicles passing daily.

Peachtree Plaza is just minutes from major transportation routes, including Interstate 95 and Florida’s Turnpike, providing seamless connectivity to surrounding cities like Boca Raton, Boynton Beach, and West Palm Beach. The Property is situated near upscale residential communities, further enhancing its appeal to local customers with high spending power.

The immediate area is home to several affluent golf and country clubs, including Gleneagles, Addison Reserve, and Mizner Country Clubs, which attract a consistent flow of affluent visitors and residents. Additionally, Peachtree Plaza benefits from being surrounded by well-known national retailers such as Publix, Sprouts, Starbucks, and CVS, driving significant foot traffic to the plaza.

With a strong demographic profile, including over 216,000 residents within a 5-mile radius and an average household income nearing $90,000, Peachtree Plaza is ideally positioned in one of South Florida's most sought-after markets. This prime location, combined with its proximity to major retailers and affluent neighborhoods, ensures sustained growth and a high-quality tenant base.