Ross Realty Investments Picks Up Vero Beach Retail Plaza From Konover South
The purchase price equates to $462 per square foot.
The purchase price equates to $462 per square foot.
The asset contains a diverse mix of national, regional and local tenants, with its national tenants representing 61 percent of its revenue.
The project will include 330 residential units, more than 15,000 square feet of commercial space and 145 boat slips, as well as dockside restaurants and a tiki bar.
The firm has already hired more than 50 new agents to serve the local market.
Lamar Companies in a venture with Real Capital Solutions acquired the 204,185-square-foot asset.
Avanti Way Capital, through the entity, Lake Mary Retail, LLC, purchased the 4.6-acre site from Miami-based real estate investment firm, Gallium Capital.
The project is currently under construction and anticipated to open in 2023.
The property features 7,900 square feet and has 18.5 years remaining on its lease.
Other phases of the development will include a mixed-use tower with 550 Class-A apartment residences and a boutique hotel. Complementing the development will be retail and restaurant spaces, structured parking garage and a waterfront activity plaza with green space.
Rob Solito, vice president and broker at JM Real Estate, Inc., brought the sale to close. Cassandra Hartford of Curri Kirschner Real Estate Group in Melbourne represented the buyer, Relentless Hotel EGAD, LLC.
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