The Courtyard Commons are a 237,146 sq. ft. retail center located in St. Lucie West, Florida and anchored by the #1 Publix between West Palm Beach and Orlando with $950 PSF in sales, Burlington, LA Fitness and HomeGoods. Originally developed in 1992, the Property recently underwent a repositioning and modernization to incorporare LA Fitness and Burlington into a former Sears premises, and added a HomeGoods that is under construction. These new additions solidify the Property's continued dominance in the market. It is currently 94% leased to an impressive lineup of top tier national anchor tenants along with a synergistic mix of small shop and outparcel tenants.
The Courtyard Commons represent an exceptional opportunity to acquire a proven grocery-anchored shopping center within the market's dominant location. The recent additions of LA Fitness, Burlington and HomeGoods not only solidifies the Property's tenancy and position in the marketplace, but provides significant momentum to drive future small shop and outparcel demand and rental rates. The combination of dominant grocery-anchor, leading fitness health club, popular retailers with regional appeal, a rapidly growing and affluent population base, near-term small shop lease-up, and strong contractual NOI growth, make the Courtyard Commons an extraordinary acquisition opportunity.
Top Grossing Publix between West Palm Beach and Orlando
2014 sales in excess of $950 PSF with 5.4% year-over-year growth for the past five years.
Stable Long-term Revenue Stream
Publix , HomeGoods, Burlington and LA Fitness are all on long-term leases and account for 73% of the total GLA and 50% of the rental revenue.
Impressive Growth Potential
Projected 10-year NOI growth of 25% from contractual rent increases, lease up and mark to market opportunities with existing tenants.
Food and Fitness Combination
Significant foot traffic generated by the synergies between the high-volume Publix and recently opened LA Fitness.
Limited Rollover Exposure
No major tenant has an initial lease expiration prior to 2023 and only 15% of the existing leased square footage rolls before 2023.
Ideal Anchor Tenant to Inline Tenant Ratio
73% to 27% based on GLA.
Unparalleled regional accessibility
Situated along St. Lucie Boulevard equidistant from I-95 and the Florida Turnpike with immediate and direct access to all areas o f St. Lucie County.
The five-mile trade area is home to 132,166 residents earning an average household income in excess of $65,000.
Offered free and clear of existing financing providing an opportunity to benefit from the current state of the real estate capital markets.
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