Marcus & Millichap Brokers $11.3 Million Sale Of Mixed-Use Retail, Office Property In Central Florida
The 47,418-square-foot, 2 building property features 18 office suites and 10 retail units.
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The 47,418-square-foot, 2 building property features 18 office suites and 10 retail units.
The sales price was not disclosed but sources close to the deal estimated the price to be approximately $100,000 per room.
Originally constructed in 2020, Mode at Melbourne encompasses approximately 218,592 rentable square feet and was 94% occupied at the time of the transaction.
Ronald J. Rogg, CCIM represented the seller in the transaction. The transaction marks Rogg’s 59th flex sale representing over 9.0 million square feet and $1 billion in sales.
With these acquisitions, El Car Wash now operates 65 locations with more than 300,000 active members and has over 60 additional sites in development across Florida and Michigan.
Colliers’ Executive Vice President Michael Falk and Associate Corey Walewski represented ownership in the lease transactions.
The transaction marks the Orlando market’s second-largest industrial transaction since the beginning of 2024.
Colliers’ Alexie Fonseca, David Gabbai and Jeff Johnson worked with the seller to fully lease the property before listing it for sale.
The company, which currently has more than 40 centers operating across the state of Florida, plans to open 10 new locations in Central Florida.
Throughout his extensive career, he has facilitated numerous transactions with a wide range of multifamily stakeholders, including national and regional developers, institutional investors, REITs, insurance companies, high-net-worth individuals, and opportunity funds.
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