750,000 SF Retail Center In West Melbourne Trades For $78.5 Million
The retail center, home to major national tenants and shadow-anchored by Target and Kohl’s, sold in a deal arranged by Atlantic Capital Partners.
The retail center, home to major national tenants and shadow-anchored by Target and Kohl’s, sold in a deal arranged by Atlantic Capital Partners.
The site is being developed into Shops at Palm Bay, a ±14,014-square-foot retail center slated for delivery in Q2 2027.
Colliers’ Brad Peterson and Whitaker Leonhardt represented the seller, Newport Capital Partners, in the transaction.
CBRE has been tapped to oversee leasing and property management at the retail property.
Daytona Beach has approved a major expansion plan for Avalon Park Daytona, a large-scale mixed-use community that could bring thousands of homes, more than 1 million square feet of commercial space and significant road infrastructure to Volusia County over the next two decades.
JLL’s Danny Finkle and Jorge Portela represented the seller in the transaction. According to media reports, Washington Prime Group sold the property for $59.5 million.
The 94%-leased center is anchored by Publix and CVS and included an outparcel ground leased to McDonald’s and an undeveloped .58-acre outparcel located at the hard corner.
Joe Rossi, CCIM, and Scott Brenner, Esq., CCIM, SIOR, of Colliers represented the seller in all transactions.
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.
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