PALM BEACH, FL—A freestanding 76,701-square foot net-leased Regal Cinemas movie theater in Royal Palm Beach, a village in central Palm Beach County, has hit the market. The $18.5 million listing price equates to $241 per square foot.

Lori Schneider, a senior vice president of investments in Marcus & Millichap's Fort Lauderdale office, and Dean Zang and Mark Taylor, both first vice presidents investments in the firm's Philadelphia office, are representing the seller. M&M has the exclusive listing.

“The Regal Cinemas movie theater in Royal Palm Springs is situated on an exceptionally large lot in a high-growth location that has little land available for development,” says Schneider. National retailers Walmart, Target, Publix, BJ's Wholesale Club, Bed Bath & Beyond, Ross Dress for Less, and Old Navy are located in the immediate vicinity.

“The property has an in-place absolute net lease with rent bumps in both option periods,” adds Zang. The theater features 18 screens, all with stadium seating.

The movie theater is located with frontage and visibility on 23.6 acres at 1003 N. State Road 7 between Okeechobee Boulevard and Belvedere Boulevard, across from the Breakers Rees Jones golf course and the Mayacoo Lakes Country Club. Florida State Road 7 is a major north-south artery that runs from Miami north through Royal Palm Beach. Traffic counts at the property are 60,000 vehicles per day.