Property Details
City: West Palm Beach
State: Florida, 33411
The Shoppes at Southern Palms located in West Palm Beach, Florida, at the signposted intersection of US Route 98. UU. (Southern Boulevard) and Sansburys Way, which has 93,446 cars per day. It has more than 1,100 feet in front of the “homecoming” side of US 98, a major east-west corridor that expanded from four lanes to eight lanes in 2008.
Shoppes at Southern Palms is a very particular mall since it is located in an area of many opportunities. The “Opportunities zone” in which it is located is mainly composed of operations related to the automotive market, with many developments of apartments and condos at moderate prices.
A federal opportunity zone is an “economically distressed” geographical area where new investments, under certain conditions, may be eligible for preferential tax treatment.
The property in question is a shopping center anchored 100% by Kohl’s and Dick’s Sporting Goods, 200,888 square feet, built in 2009 and located on 22.7 acres. Kohl’s occupies a 92,396 square foot building (46% of GLA) on a separate plot and is subject to an original land lease until January 2030, with a five percent rent increase in 2020. As a land lease Absolutely net, there are zero responsibilities of the landlord for the building and the Kohl’s plot, with Kohl’s paying taxes directly and maintaining their common and safe area.