Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a shopping center located at 825 Seaway Drive in Fort Pierce, Florida on Hutchinson Island. Harbour Cay is a 10,530-square-foot unanchored shopping center and is fully leased to a diverse mix of restaurant, service and professional tenants. Stan Johnson Company’s Jeff Enck and Mike Philbin represented the seller, a Jupiter, Florida-based developer. An individual investor from Lighthouse Point, Florida purchased the asset for $4.1 million reflecting a 6.08 percent cap rate.
“Harbour Cay is a seven-tenant unanchored retail center on the coast of Fort Pierce, Florida,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Brand new retail properties have been highly sought after this year, and while some of the tenants at the property had yet to open, we were able to find an exchange buyer to close on the property before all the tenants took occupancy.”
The newly built property is situated on more than 1.50 acres at the corner of the entrance to Harbour Isle Marina and luxury condominium community. Centrally located between Cocoa Beach and West Palm Beach, Hutchinson Island is a tourist and vacation destination on Florida’s Atlantic coast. The site features direct frontage on Highway A1A in an area with limited retail. All tenants operate on triple net leases which commenced in 2021 at the time construction was completed.