Country Club Shoppes 

5275 Babcock Street NE | Palm Bay, Florida 32905

Contact Brokers

James Medefind
First Vice President Investments
James.Medefind@MarcusMillichap.com

(C) 850-228-9400
(O) 813-387-4788
FL #SL3216834

Kirk D. Olson
Senior Vice President Investments
KOlsen@MarcusMillichap.com

(O) 786 522-7064
FL #SL3113669

Drew A. Kristol
Senior Vice President Investments
DKristol@MarcusMillichap.com(O) 786-522-7065
FL #SL3118648

Highlights

  • 51,954 SF Shopping Center Priced at $92.39/RSF

  • 8.57% Cap Rate and 12.71% Cash on Cash Return

  • 87% Occupied Shopping Center Located on Signalized Corner

  • Shadow anchored by Walgreens and PNC Bank

  • Necessity & Service-Oriented Tenant Roster

  • Daily Traffic Volume of 50,000 VPD

  • Deliverable Free & Clear of Debt

Description

Marcus & Millichap is pleased to present Country Club Shoppes, a 51,954 SF shopping center located at the signalized corner of S Babcock Street and Port Malabar Road NE in Palm Bay, FL. This location is heavily traveled due to several national retail tenants, easy access from all directions, and a combined daily traffic count of over 50,000 vehicles per day.

The property sits on 6.46 acres of land and is shadow anchored by Walgreens and PNC Bank. Both Walgreens and PNC Bank own their respective outparcels, contributing to stability of the property. The property is also located across the street from a 150,000 SF shopping center anchored by Winn Dixie and Bealls Outlet. Country Club Shoppes is offered at $92/RSF and generates an existing unlevered return of 8.57 percent, with an additional upside opportunity to lease the three remaining vacant bays. The tenant roster is very stable, as 93 percent of the existing tenants have exercised renewal options. Tenants include national retailer Aarons Rents and several local service-oriented tenants, including educational, restaurants, laundry service, and salons.