Marcus & Millichap announced the sale of Metro West Plaza, a 21-suite, 64,688-square-foot shopping plaza located in West Melbourne. The asset sold for $5,950,000.
The property is ideally situated at the corner of West New Haven Avenue, also known as U.S. Route 192 (US 192) and S Wickham Rd, surrounded by residential and commercial properties. The property sits on approximately 4.87 acres (212,137-SF) of land. It is located in one of the strongest retail corridors featuring retailers such as Publix, Target, Macy’s, Best Buy, Home Depot, Lowe’s, and more in the immediate area.
Salim Valiani, an investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, New Haven & Wickham. The buyer, an individual/personal trust, was secured by Valiani.
“This property is every multi-tenant retail investor’s dream. It was an amazing journey working with the buyer and seller as they both worked closely to get the transaction accomplished,” said Valiani. “We were able to elicit multiple numerous offers within the first few days of launching the property on the market. The property sold in about 45 days from the date of its launch to the market.”
Metro West Melbourne Plaza had a very compressed initial CAP rate which benefited the sellers, with upside potential for the buyer to see gains in the short and long term. The buyer is excited to work through the property’s untapped potential, noted Valiani.
Metro West Plaza is located at 3000 W New Haven Avenue in West Melbourne, Florida. The property is currently occupied with national tenants, Subway, Domino’s Pizza, and Boost Mobile as the co-anchors.
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