• Established Medical & Professional Tenancy – Tenants including Brevard Skin, Palm Bay Health and Rehab, Varinder Kumar MD, and Speech Avenue Therapy CO reflect a diverse mix of healthcare and professional users serving the Palm Bay community, demonstrating strong location commitment and operational stability.
• Diverse Tenant Mix – The property hosts eight tenants across medical, therapy, insurance, and professional services — including Brevard Skin, Angels for Kids 24/7, Farm Bureau Insurance, and Speech Avenue Therapy CO — reducing dependence on any single tenant and providing diversified, resilient cash flow.
• Durable Patient Demand – Healthcare-oriented practices benefit from repeat patient volume, referral-driven traffic, and proximity to Health First facilities and regional providers, supporting consistent occupancy and long-term demand for outpatient services in the Palm Bay submarket.
• Tenant Commitment- Several tenants have executed multi-year NNN leases with renewal options and built-in rent escalations — including 3% and 4.5% annual increases — demonstrating commitment to the site and providing investors with inflation-protected, predictable cash flow.
• Established Palm Bay Medical & Professional Corridor – Located along Port Malabar Boulevard, one of Palm Bay’s primary east–west commercial corridors, the property sits within a well-established cluster of medical, therapy, and professional users. Direct connectivity to I-95 and U.S. Route 1 provides strong accessibility, while long-tenured practices in the area support consistent tenant demand and retention.
• Proximity to Major Healthcare Systems – The property is conveniently located near Health First facilities and other regional healthcare providers, offering tenants access to the broader Brevard County healthcare network and supporting outpatient referral activity and patient traffic.
• Growing, Residential-Dense Submarket – The 5-mile trade area surrounding Town Center is home to nearly 150,000 residents and is projected to grow at 2.0% annually through 2029 — adding over 15,000 new residents within five miles. With a 79.4% homeownership rate and median age of 42.1, the surrounding community represents a stable, owner-occupied base with sustained demand for healthcare and professional services.
• Durable Healthcare Demand Drivers – A dense and growing residential base, aging demographics, and a median household income of $67,521 continue to drive demand for medical, therapy, and wellness services in the Palm Bay submarket. These fundamentals support stable long-term occupancy and reinforce the property’s positioning as a neighborhood healthcare destination.
• Easily Re-Tenantable Spaces – Flexible floor plan and vanilla-box suite configurations make Town Center one of the most re-tenantable assets in the Palm Bay submarket. The building’s straightforward layout accommodates a wide range of medical, therapy, and professional office users — minimizing downtime between tenancies and reducing the capital required to attract new occupants.
• Naked Leases – Three leases totaling 4,000 SF are expiring within the next nine months, presenting a buyer with immediate opportunities to re-price below-market rents to current market rates upon renewal or re-tenanting. These near-term rollovers represent some of the most meaningful value-add levers available at closing.
• Below-Market Rents – Several in-place tenants are currently paying rents below prevailing market rates for comparable medical and professional office space in the Palm Bay submarket. This embedded spread between in-place and market rents represents a clear, near-term path to NOI growth through renewal negotiations and lease-up of vacant suites.
• New Roof – Full roof replacement in 2024, representing a significant capital improvement that substantially reduces near-term capital risk for an incoming buyer. A new roof is one of the most impactful and expensive building system replacements — having it completed prior to acquisition provides meaningful peace of mind and removes a major variable from the buyer’s due diligence calculus.