Mixed-use center with excellent visibility at a signalized intersection on Atlantic Avenue

On behalf of ownership, the Colliers | South Florida Investment Services Team, as the exclusive agent, is pleased to present for sale King’s Point Shopping Center and Professional Building (the “Property” or “King’s Point”), a ±77,852 square foot mixed-use shopping center featuring retail and medical office space located at 6600 W Atlantic Avenue in Delray Beach, FL. Built in 1981, the Property sits on 11.53 acres of land at the southwest corner of W Atlantic Avenue and Jog Road.

At a signalized intersection located between I-95 and Florida’s Turnpike, the Property is strategically positioned on the most important street in Delray Beach. Development is booming along the Atlantic Avenue corridor as major and minor projects are forming the newest phase of Delray Beach’s transformation with new housing, office space and entertainment options.

King’s Point presents an attractive opportunity to a wide range of investors. Developers attracted to the “Main and Main” signalized intersection will recognize the covered land strategy to collect cash flow as they work on entitlements and traditional investors will take advantage of the value-add opportunity. The financial analysis in this Offering assumes an initial capital improvement budget of $3 million to renovate common areas and improve the façade in order to achieve higher rents. Based on current rents from comparable properties, we assumed market rents of $32/SF NNN for the retail spaces (average in-place base rent is $24.91/SF) and $30/SF gross for the office spaces (average in-place gross rent of $25.36/SF).

Overall, King’s presents an extremely unique and desirable opportunity for a wide range of investors – a cash flowing Property in an extremely desirable submarket, with value-add potential, and available at a significant discount to replacement cost.