Transwestern to Auction Investment Located Along Destination Retail Corridor
Transwestern today announces it has been tapped to sell the Marketplace at Port St. Lucie, a 112,385-square-foot shopping center spanning 15.32 acres at 10230-10368 U.S. Highway 1 in Port St. Lucie, Florida. Transwestern Managing Director John Bell will market the value-add investment, which will be auctioned throughRealINSIGHT Marketplace.
Marketplace at Port St. Lucie is ideally situated at the intersection of U.S. Highway 1 and Jennings Road along the market’s destination retail corridor, offering high-profile accessibility and significant foot traffic from surrounding businesses. The asset is 85 percent occupied with a diverse tenant mix including Dollar Tree and CSL Plasma, and provides steady in-place income unwavered by current shifts in the retail industry due to e-commerce.
“Marketplace at Port St. Lucie has a tenancy congruent with the new retail economy, including experiential, restaurant, office, medical, and value-oriented tenants,” said Bell. “Rents are currently below the average in the market, which experienced 8 percent growth during the past year, allowing for meaningful rental rate growth under new ownership amongst several additional value-add opportunities.”
Port St. Lucie has seen consistent population and business expansion during the past decade. Over the next five years, the market is projected to experience an 8 percent growth in employment and outpace the employment growth expectations for Florida of 6 percent.
“The strengthening fundamentals in Port St. Lucie are expected to result in even greater consumer confidence that will positively impact its retail market, and, in turn, the performance and retention of tenants at the Marketplace at Port St. Lucie,” added Bell.
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Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
