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| Kim Flores |
MIAMI, FL – JLL Capital Markets has closed the $14.75 million sale of Shoppes at Mission Lakes, a fully leased 41,429-square-foot retail center shadow anchored by a Super Target in the South Florida community of Lake Worth.
JLL marketed the asset on behalf of the
seller, Mission Lakes LLC.
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| Shoppes at Mission Lakes, a fully leased 41,429-SF retail center shadow-anchored by a Super Target in Lake Worth, FL |
Shoppes at Mission Lakes is fully leased to an impressive slate of high-quality national retailers, including Heartland Dental, Sal’s Italian Ristorante, Pet Supermarket, Advance Auto Parts, Mattress Firm and Hard Exercise Works.
Consisting of three multi-tenant buildings
completed in 2007 and 2016, the center is shadow anchored by a Super Target,
which helps drive traffic to the property.
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| Eric Williams |
Positioned on a combined 11.44 acres at 5500-5516 and 5940 S. State Road 7, Shoppes at Mission Lakes is at the northeastern corner of State Road 7/ US Highway 441 and Lantana Road in an unincorporated part of Palm Beach County approximately 10 miles south of the Wellington Mall.
The center serves an affluent customer base
that includes 53,974 residents earning an average annual household income of
$120,704 within a three-mile radius.
Danny Finkle
The JLL Retail Capital Markets team representing the seller was led by Senior Director Eric Williams, Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle and Vice President Kim Flores.
“Unanchored strip retail continues to
garner strong investor interest and has experienced a tremendous amount of
capital formation around the investment thesis based on convenience to
consumer, internet resistance and its ability to serve as an inflationary hedge
with annual increases,” Williams said.
“Shoppes
at Mission Lakes benefits from a strong location in an affluent and growing
market with strong in-place tenancy and the ability to further enhance value in
the future.”
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CONTACTS:
Kimberly
Steele
JLL
Sr. Manager
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
Jenna
Sharp
JLL
M +1 214 394 3356
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