Brookwood Financial Buys Florida Shopping Center
SITE Centers has owned the asset for more than 20 years.
Melbourne Shopping Center was 92.4 percent leased at the time of sale. Image courtesy of CommercialEdge
Brookwood Financial Partners has purchased Melbourne Shopping Center, a 211,006-square-foot Publix-anchored retail center in Melbourne, Fla. SITE Centers was the previous owner, according to CommercialEdge data. JLL Capital Markets represented the seller, procured the buyer and arranged the acquisition financing.
SITE had acquired Melbourne Shopping Center back in 2002 for $9.8 million, the same source shows. Completed in 1959, the two-building property underwent cosmetic renovation last year. The asset was 92.4 percent leased at the time of sale.
A market-dominant Publix store anchors the shopping center. The tenant roster also includes a diverse mix of local and national retailers such as Big Lots, Beall’s Outlet, Club 4 Fitness, Dollar Tree, Pet Supermarket, CATO, Pizza Hut and Firestone.
Located at 1301-1441 S. Babcock St. in Brevard County, Melbourne Shopping Center serves approximately 140,000 individuals living within a 5-mile radius, with the average household income of $85,000 and an annual spending power of $3.6 billion. The property is close to the intersection of Hibiscus and Bulldog boulevards, in an area where the traffic count reaches around 31,900 vehicles per day.
Senior Managing Director Danny Finkle, together with Senior Directors Jorge Portela and Eric Williams, led the JLL Capital Markets Investment Sales Advisory team. Senior Director Andrew Gray and Associate Ryan Parker secured the financing for the borrower.
SITE recently sold a 225,214-square-foot grocery-anchored retail center in Boothwyn, Pa. JLL brokered the deal, working on behalf of the seller and procuring the buyer.
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