Marcus & Millichap Closes Space Coast Industrial Portfolio Sale

Marcus & Millichap announced the sale of the Melbourne Industrial Portfolio, a 16-building, 162,400-square-foot portfolio of multi-tenant small bay industrial properties in Melbourne.

The portfolio sold for $20.2 million.

“The Space Coast has a strong and growing economy with a diverse, high-tech industrial base  tied to the nation’s defense and aerospace industries,” said Ken Hobson, senior associate in Marcus & Millichap’s Orlando office. “The purchase of the Melbourne Industrial Portfolio gives the buyer an opportunity to grow revenue in a market where demand for small bay industrial assets is strong and rents are growing.”

Hobson represented the seller and procured the buyer.

The portfolio consists of three business centers located just west of Melbourne Orlando International Airport on Ellis Road, Electronic Drive and Aurora Road.

Seventy miles from Orlando in the southern region of Florida’s Space Coast, Melbourne has a population of approximately 80,700 residents.