WS Development Becomes Part Owner of Florida Lifestyle Center
PGIM Real Estate has owned the 550,000-square-foot asset since 2006.
The Avenue Viera. Image courtesy of WS Development
WS Development has partnered with PGIM Real Estate in the ownership of The Avenue Viera, a 550,000-square-foot lifestyle center in Viera, Fla. The deal marks WS’ third investment in the Sunny State.
PGIM has been the owner of the Brevard County asset since 2006; the company purchased it for $87.6 million, according to CommercialEdge data. Following the current transaction, PGIM and WS will jointly own the open-air center, with the latter managing the property.
The Avenue Viera occupies more than 62 acres within Viera, a master-planned community comprising more than 3.8 million square feet of commercial space. Completed in 2004, the retail center is home to nearly 90 tenants including Sephora, AMC Theatres, Bed Bath & Beyond, AT&T, Kohl’s, Lululemon, Spectrum, Hallmark, Famous Footwear and Claire’s. The property is right off Interstate 95 at 2221 Town Center Ave.
PGIM recently sold two Florida retail centers totaling 181,000 square feet. Phillips Edison & Co. acquired the Publix-anchored assets located in Miramar and Jensen Beach.
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