Palm Beach County retail center trades for $14.75M

MIAMI, June 8, 2022 – JLL Capital Markets announced today that it 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.

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.

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.

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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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