Asset Across from Melbourne Square Mall is Anchored by National Retailers
Miami, FL – October 7, 2014 – (RealEstateRama) — CBRE arranged the sale of a 144,399 square-foot retail center directly opposite the Melbourne Square Mall in West Melbourne, FL. The Shoppes at West Melbourne, anchored by national retailers such as Jo-Ann Fabrics, Bed Bath & Beyond, Party City, and Office Depot, was acquired from a private equity firm by American Realty Capital – Retail Centers of America, Inc.
“Given the strategic location of the property in its trade area, this opportunity was enriched by early renewal commitments from several of its major tenants. In addition, a national retailer has expressed interest in the largest of three other prime spaces, plus an adjoining bay, and appears likely to conclude a lease for that space in the near term,” said Casey Rosen, who co-leads CBRE’s six-person National Retail Investment Group Florida Team.
The Shoppes at West Melbourne is 89 percent leased. Completed in 1985 and renovated in 1995, the center’s location at the intersection of West New Haven Avenue and Murano Drive shares a signalized entrance with the Melbourne Square Mall and averages a drive-by count of 37,000 vehicles per day.
CBRE’s Dennis Carson collaborated with Rosen in arranging the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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