Florida grocery-anchored retail center sells in Palm Bay
JLL Capital Markets completed the sale of the Winn-Dixie and Bealls Outlet-anchored Marketplace at Palm Bay on Florida’s East Coast
ORLANDO, March 24, 2021 – JLL Capital Markets announced today that it has closed the sale of Marketplace at Palm Bay, a 149,752-square-foot retail center anchored by Winn-Dixie and Bealls Outlet in the eastern coastal Florida community of Palm Bay, Florida.
Marketplace at Palm Bay is co-anchored by a Winn-Dixie grocer and Bealls Outlet. Situated on nearly 17 acres at 5270 Babcock St. NE, the center is visible to more than 47,000 vehicles per day and has superior connectivity and easy access to Interstate 95. Palm Bay is in the Melbourne MSA equidistant between Jacksonville and Miami and 60 miles southeast of Orlando.
In addition to Winn-Dixie and Bealls Outlet, the 92.4-percent-leased Marketplace at Palm Bay is home to Workout Anytime, Brevard Health Alliance, CSL Plasma, Healthworx and more, providing a strong health and wellness-oriented tenancy.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Analyst Tommy Isola.
“Marketplace at Palm Bay had nearly 28,000 square feet in recent new leases, including a new Workout Anytime junior anchor, which highlights the strength of the location,” Peterson said. “Through COVID-19, we have also seen an increase in capital that wants to invest in Florida, so it was no surprise that we had more than 300 investors sign up to review this offering.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DLC Management Corporation
DLC Management Corporation is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing and management. Headquartered in New York, DLC has regional offices in Atlanta, Buffalo, Chicago, Dallas and Washington, D.C. For additional information about DLC Management Corporation and its portfolio, please visit dlcmgmt.com.