RJS Realty Group, Inc., as exclusive agent, is pleased to present for sale an exceptional redevelopment opportunity located in the heart of downtown Boca Raton.  The .60 acre site lies directly adjacent to and south of Mizner Park, the popular mixed-use project which anchors downtown's urban center. 

The DOWNTOWN POST OFFICE, an 8,473 square foot free-standing building, on a .60 acre parcel, is prominently situated at the southwest corner of NE 2nd Street and NE Mizner Boulevard in affluent Boca Raton. This corner parcel has been occupied by the United States Postal Service for more than forty years.  The current lease expires on July 12, 2015, and with no renewal option.

INVESTMENT HIGHLIGHTS

Outstanding "Trophy" Location 

The Downtown Post Office is located just east of heavily traveled Federal Highway at the Southwest corner of NE Mizner Boulevard and NE 2nd Street at the south end of Mizner Park, and just north of Palmetto Park Road.  The surrounding trade area is comprised of impressive, mixed-use lifestyle developments, densely populated bedroom communities, established, attractive office and retail properties, and highlighted by the renowned Boca Resort & Club.

U.S. Government Tenant 

The property is under a non-terminable, United States Government agency lease with the United States Postal Service through July 12, 2015, (with no renewal option) and includes annual increases of two percent per year. 

Strong Demographics 

The post office building is located in a mature, well-populated, trade area where population and average household income within a three and five mile radius are 63,904 and 174,023; and $92,127 and $88,321, respectively.

Redevelopment Potential

This exceptionally located site is an excellent candidate for redevelopment as residential, office, hotel or mixed-use.  The City of Boca Raton has expressed an interest in seeing retail use on the first floor.  According to a local architect who owns one of the properties adjacent to the south, he believes the Post Office property could accommodate approximately 160 residential units or 175 hotel rooms.  If combined with the three parcels adjacent to the south of the subject site, the aggregate property could accommodate between 320-350 units with a height of 145 feet.  There is no density restriction, but green space and parking requirements must be met.  Conceptual development drawings for the Post Office site and adjoining parcels are included in a later section of the Offering Memorandum.

PROPERTY INFORMATION