260 Cypress Edge Dr
Palm Coast, FL 32164

Marcus & Millichap is pleased to present for sale Cobblestone Village, a 22,876 SF strip center in Palm Coast, one of Florida’s newest and fastest growing cities. Cobblestone Village is anchored by Belk (offered separately) and is part of a larger development, Cypress Point, which includes major traffic generators such as Walmart and Lowes along with Memorial Hospital, Zaxby’s, and Golden Corral among others. The property benefits from signalized access at the primary entrance to the Cypress Point development. Cobblestone Village is a clean, 2007 construction, class A strip center located just off the I-95 / Palm Coast Parkway exit in the heart of Palm Coast’s primary retail submarket. The current population of 75,000 residents located within a five-mile radius is projected to grow by 24% over the next five years, ensuring strong future retail traffic and demand. National retailers Mattress Firm, Golf USA and Anytime Fitness as well as prominent local Sakura restaurant have successfully operated at the property for more than ten years. Anytime Fitness recently expanded, a testament to its strong operating performance, and tenants comprising 80% of the shop GLA have recently extended their leases. Nearby tenants Walmart, Lowe’s and Home Depot own their buildings, contributing to long-term viability of this vibrant, dominant retail submarket within Palm Coast. This is a rare opportunity to acquire quality class A retail within one of Florida’s newest and fastest-growing cities at an attractive CAP rate, with strong operating history and tenants with a proven track record. The asset generates a strong yield which will continue to grow over time as strong population growth fuels increased demand and rental rate growth. An investor can easily obtain attractive financing and achieve a double-digit yield on this asset due to its strong occupancy history and staggered lease expiration dates.