Marcus & Millichap is pleased to present the opportunity to acquire an O2B Kids Preschool in Royal Palm Beach, FL, part of the West Palm Beach MSA. The property has a long-term lease with over 10 years remaining in the base term. There is one, 10-year tenant renewal option. During both the base term and any renewal option, the rent increases annually by the greater of 2.5% or CPI.
O2B Kids is recognized as a premier provider of early education services, currently operating approximately 63 locations across Alabama, Florida, Georgia, Minnesota, and Missouri. The parent company, O2B Early Education, is centrally headquartered in Gainesville, FL, employing over 400 dedicated professionals committed to enriching children's educational experiences. In 2023, the Company built four new schools and acquired nine, with plans to open 20 new schools in both current and new markets.
Located in a bustling area of Royal Palm Beach, Florida, this property benefits from excellent access to more than 42,500 vehicles on State Road 7. Additionally, the property is in proximity to Okeechobee Boulevard, where approximately 59,000 vehicles pass daily. The demographic profile surrounding the property is robust, with over 150,000 residents within a five-mile radius and approximately 325,000 within seven miles. The area's average annual household income is projected to rise from $113,109 currently to $129,004 by 2028.
There are numerous large residential communities and multifamily projects in the immediate area. These communities provide a strong base of students for the O2B Kids.
Retail surrounding the property is diverse and dynamic, featuring prominent national chains such as Aldi, Walmart Supercenter, Publix Supermarket, Lowe's, The Home Depot, Whole Foods Market, Trader Joe's, Regal Cinema, Target, Costco Wholesale, BJ's Wholesale, Best Buy, Ulta Beauty, Five Below, Old Navy, Planet Fitness, Orangetheory Fitness, Office Depot, Ross, HomeGoods, Marshalls, Dollar Tree, Hobby Lobby, Big Lots, Mattress Firm, Carrabba's Italian Grill, Outback Steakhouse, McDonald’s, Chick-fil-A, Chipotle, Taco Bell, Starbucks, Dunkin' Donuts, Walgreens, CVS, and numerous others.
Royal Palm Beach is situated in Palm Beach County, the third-most populous county in Florida. The area is home to nearly 1.5 million residents and is projected to grow significantly with an expected addition of more than 45,000 citizens by 2026. Palm Beach County draws over seven million visitors annually from around the globe. Just nine miles from downtown West Palm Beach, Royal Palm Beach is a prime location enriched by its proximity to prominent entertainment venues such as the Expo Center at the South Florida Fairgrounds, located just 2.5 miles away. It hosts a variety of events, attracting approximately 650,000 attendees annually. Additionally, the iTHINK Financial Amphitheatre, a prominent 20,000-seat open-air music venue just three miles from the Subject Property.