Sunday, February 6, 2011
West Palm Beach, Florida - We have some Net Lease Properties information today on a near and dear Commercial Property. The net leased property known as the Village Commons has sold. We have had our eye on this net lease property for years. With the additions of Panera Bread and Starbucks in recent years, the net lease property moved up the list for net lease properties in Palm Beach County. The retail shopping center, Village Commons, for $25,700,000 which equates to $152.02 per square foot. The net leased property is a Publix-anchored retail shopping center that is situated on the intersection of Village Boulevard and Brandywine Road in West Palm Beach, Florida.
Reports out of West Palm Beach had the net leased property being sold to the Boca Raton-based Woolbright Development. However after further review, it appears a fund operated by BlackRock, Inc. acquired Village Commons, the retail shopping center anchored by Publix. Boca Raton-based Woolbright Development will be in charge of net leasing, property management, construction management, marketing and promotions of the net leased property. Woolbright Development has immediate goals to increase the net lease tenants, and to invest in the overall appearance and ambiance of the retail shopping center. The Retail Shopping Center is surrounded by apartment, condo and golf course communities, attracting a mix of weekday and weekend traffic.
The net leased property buyers are the fund operated by BlackRock, Inc., and should see an increase in net lease revenue with Woolbright Development overseeing operation. The net leased property sellers was a JV of three groups. The California Public Employees' Retirement System, the First Washington Realty, Inc. and the Regency Centers which were all in the (JV) joint venture as owners of the net leased property. The net leased property was primed for the investment disposition strategy of this Joint Venture of sellers.
The net leased property is approximately 169,057 square-feet of space for net leases. This attractive net leased property is an open-air center is anchored by Publix, as we mentioned above. The net leased retail shopping center also has CVS, Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, and Duffy’s Sports Bar and Grill. This net leased property has distinguished architecture which really fits into Palm Beach County designs. The net lease property can be described as having lush landscaping, decorative tile accents and a prominent courtyard area. The net leased property, Village Commons with it's Mediterranean-inspired design also is unique with a complimentary mix of business establishments. The net leased property has excellent demographics to make Village Commons a fantastic location for net lease Tenants and customers. There was no mention of assumable Investment Property financing in this commercial real estate transaction.
One large Tenant in the net leased property, The Outback Steakhouse has recently closed down at this location. We are unaware if closure of the Outback Steakhouse restaurant, had anything to do with the sale of the net leased retail shopping center. This particular Outback Steakhouse restaurant had been at the West Palm Beach net lease site for 19 years and it is the second-oldest Outback Steakhouse in Palm Beach County. NNN Commercial Real Estate investors in our group had dined at that Outback Steakhouse often and recently saw the sign "sorry mates" on the doors of the shuttered restaurant. The Tampa-based restaurant chain, OSI Restaurant Partners LLC, has reported that they will try to relocate employees to other locations. Local Palm Beach County NNN Commercial Real Estate investors believe Woolbright Development will succeed in landing a new net leased property tenant to create jobs for this area.
Village Commons opened in 1987 and the net leased property is approximately 73.4% net leased with national and regional tenants. Village Commons is located in Palm Beach County just west of I-95. The net leased property benefits from an in-fill location with limited sites that can be developed for competition.
This net leased property, the Village Commons, is well situated as just north off of Palm Beach Lakes Boulevard which is a heavily traveled road. This Net Lease Investment is ideally developed for accessibility from the center most district of beautiful Palm Beach County.
Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.
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