May 24, 2023 – Charles Moody of Horvath & Tremblay has successfully completed the sale of the 10th Avenue Shoppes in Vero Beach, Florida. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $725,000.
The 10th Avenue Shoppes are located at 1599 10th Avenue in Vero Beach, Florida. The multi-tenant retail building consists of a 7,500 square foot commercial building constructed in 1987 on a 0.69-acre parcel. The Property is 100% leased to three tenants on gross leases, with each of the tenants also paying for utilities. The in-place rents are substantially below market, offering upside on future lease negotiations or lease renewals. The Property also offers ample parking and features great visibility and signage along 10th Avenue. The Property is well-located on 10th Avenue and is 0.2-miles from the intersection with 17th Street. Additionally, the Property is across the street from the rear entrance to the Indian River Plaza and Majestic Plaza, and 0.4-miles from US Route 1, the region’s primary commercial corridor with numerous national retailers driving traffic to the area. Vero Beach is part of what’s known as the “Treasure Coast” of South Florida and is reportedly home to more retired Fortune 500 CEOs than any other location in the world. One of the main attractions to the area besides the beaches is Disney’s Vero Beach Resort, the first Disney Vacation Club to be constructed outside the Walt Disney World Resort area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.