MHCommercial Real Estate Fund II Expands Space Coast Retail Portfolio With Merritt Island Acquisition
The 109,000-square-foot anchored retail center traded for $16,050,000.
The 109,000-square-foot anchored retail center traded for $16,050,000.
NAI Realvest represented the buyer, La Familia III, LLC, in the acquisition, while the seller, Colonial Holding Group LLC, was represented by Ryan Griffith of Lee & Associates.
The recently delivered shopping center totals 190,000 square feet.
Sprouts Farmers Market has already been identified as one of the tenants planned for the redeveloped property.
Bealls currently operates more than 650 locations and reportedly has plans for more than 20 additional stores.
Brad Gifford, Associate at NAI Realvest | Charles Wayne, represented the landlord in the retail lease.
The new team additions bolster Cushman & Wakefield’s capabilities in Florida’s burgeoning Space Coast and Treasure Coast regions.
A key piece of the plan is a 164,585-square-foot Costco that will replace the property’s former Macy’s.
The sales in Winter Haven, Daytona Beach and Ocoee totaled $28.75 million.
The project would allow for up to 772 residential units, commercial development could total up to 826,224 square feet, and industrial uses could reach as much as 800,000 square feet.
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