Melbourne Buying Heart was 92.4 p.c leased on the time of sale. Picture courtesy of CommercialEdge
Brookwood Monetary Companions has bought Melbourne Buying Heart, a 211,006-square-foot Publix-anchored retail middle in Melbourne, Fla. SITE Facilities was the earlier proprietor, in response to CommercialEdge information. JLL Capital Markets represented the vendor, procured the customer and organized the acquisition financing.
SITE had acquired Melbourne Buying Heart again in 2002 for $9.8 million, the identical supply reveals. Accomplished in 1959, the two-building property underwent beauty renovation final 12 months. The asset was 92.4 p.c leased on the time of sale.
A market-dominant Publix retailer anchors the purchasing middle. The tenant roster additionally features a numerous mixture of native and nationwide retailers reminiscent of Massive Tons, Beall’s Outlet, Membership 4 Health, Greenback Tree, Pet Grocery store, CATO, Pizza Hut and Firestone.
Positioned at 1301-1441 S. Babcock St. in Brevard County, Melbourne Buying Heart serves roughly 140,000 people dwelling inside a 5-mile radius, with the typical family revenue of $85,000 and an annual spending energy of $3.6 billion. The property is near the intersection of Hibiscus and Bulldog boulevards, in an space the place the visitors depend reaches round 31,900 autos per day.
Senior Managing Director Danny Finkle, along with Senior Administrators Jorge Portela and Eric Williams, led the JLL Capital Markets Funding Gross sales Advisory group. Senior Director Andrew Grey and Affiliate Ryan Parker secured the financing for the borrower.
SITE just lately offered a 225,214-square-foot grocery-anchored retail middle in Boothwyn, Pa. JLL brokered the deal, engaged on behalf of the vendor and procuring the customer.
