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The Space Coast has witnessed tremendous growth in recent years, fueled by expanding aerospace, defense, and STEM industries, as well as increased tourism. The region is home to some of the world’s most innovative companies, including NASA, SpaceX, Blue Origin, Boeing, and Lockheed Martin.
A tenant signed a 10-year lease for a 283,170-square-foot facility located at 5101 Wesley Road.
The development represents a significant investment in the local industrial market and is anticipated to bring new jobs and economic activity to the area.
The shopping center is located within the bustling Dr. Phillips retail district.
Sitework on the new infill logistics warehouse development is expected to commence in the first quarter with plans to go vertical later this fall and a projected substantial completion slated for the first quarter 2026.
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.
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