JM Real Estate, Inc. represented the seller in the closing of the Foosaner Art Museum and the Renee Foosaner Education Center on July 30.
The Foosaner Art Museum is located at 1463 Highland Ave., and the Renee Foosaner Education Center is located at 1520 Highland Ave., both in Melbourne.
The selling price was $2.95 million.
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. The seller is FIT Museum of Art, Inc.
The two properties are located in the Eau Gallie Arts District (EGAD) in North Melbourne. EGAD has a Main Street America designation, a national program established from the National Trust for Historic Preservation for older historic downtowns to bring economic vitality and communities together to meet evolving needs and opportunities.
Redevelopment on the site will increase retail along Highland Avenue, and introduce a new 10-concept food hall & marketplace; 9-story boutique hotel with rooftop restaurant, lounge and pool; 2-story retail element with rooftop lounge and bar, 6-story public parking garage, surface parking and site features.
“We are very pleased to have represented the seller in the closing of the Foosaner Art Museum and Renee Foosaner Education Center in the popular EGAD area,” said Solito. “The City of Melbourne, local residents and establishments, and key land owners in EGAD are in agreement that the area is flourishing.”
JM Real Estate, Inc., which was founded in 1997, has a current portfolio of approximately 2.5 million square feet and an estimated value of more than $300 million. It has been involved in millions of square feet of acquisitions and dispositions of commercial investment properties, primarily multi-tenant office and retail spaces. The company has also been involved in development projects, and ultimately disposition spanning the full spectrum of commercial investment real estate.
In 2020, JM Real Estate, Inc. was acquired by Tzadik Properties, LLC, an industry-leading, multi-family property management company based in Miami-Dade County, Florida, and in Sioux Falls, South Dakota.
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