South Florida Shopping Center Sells for $18M

Palm Bay West. Image courtesy of Institutional Property Advisors

Nightingale Properties has sold Palm Bay West, a 262,632-square-foot shopping center in Palm Bay, Fla., to a private investor for $17.5 million. Ladder Capital provided the new owner with a $12.2 million acquisition loan, per Brevard County records. Institutional Property Advisors represented the seller and secured the buyer in the deal. The retail asset last traded in 2010 for $14.3 million.

Palm Bay West is located 8 miles southwest of the city center at 160 Malabar Road SW. The property’s 31 acres are at the intersection of Malabar and Minton roads 3 miles west of Interstate 95, where the daily traffic count is approximately 40,000 vehicles. Some 56,000 people live within a 3-mile radius of the asset.

Completed in 1989, Palm Bay West is anchored by Winn-Dixie and Roses Discount Stores. The tenant roster also includes NCG Cinema, Ollie’s Bargain Outlet, Planet Fitness and Dollar Tree. The shopping center was 90 percent leased at the time of the sale.

IPA’s Kirk Olson and Drew Kristol were involved in the transaction. The two are also directors with Marcus & Millichap’s National Retail Group, which brokered the nearly $6 million October sale of a 24,635-square-foot shopping center in Kissimmee, Fla.