Sprouts-Anchored Melbourne Retail Center Trades For $41 Million

A recently completed grocery-anchored retail center in Melbourne has changed hands for $41.34 million.

APC US Pineda Commons LP purchased the property at 5165 North Wickham Road from an affiliate of Barclay Group. The buyer is based in Toronto, according to transaction information reported by Traded.

Known as Pineda Commons, the retail development is anchored by Sprouts Farmers Market and includes three newly constructed outparcel buildings. The center is located along the North Wickham Road commercial corridor in Brevard County, near the Pineda Causeway.

The acquisition was completed July 30. Property records associated with the transaction also indicate that the buyer obtained an $18.6 million mortgage.

The sale demonstrates continued investor interest in newly built, grocery-anchored shopping centers. These properties are generally attractive to buyers because supermarkets generate frequent customer visits, while outparcels can accommodate restaurants, service businesses and other complementary tenants.

Barclay Group’s David S. Coia was identified as the seller’s representative in the transaction.

Source: Traded