Publix-anchored shopping center in Florida
JLL Capital Markets closed the sale and financing of the 211,006-square-foot Melbourne Shopping Center located within Florida’s Space Coast in Melbourne, Florida
MIAMI, Dec. 13, 2023 – JLL Capital Markets announced today that it has closed the sale and financing of Melbourne Shopping Center, a 211,006-square-foot, Publix-anchored retail property located in Melbourne, Florida.
JLL represented the seller and procured the buyer, Brookwood Financial Partners. Additionally, JLL arranged acquisition financing on behalf of Brookwood.
Built in 1959 and renovated in 2022, the 92.4-percent-occupied Melbourne Shopping Center is anchored by a market-dominant Publix, which is an original tenant of the property. Additional tenants include Big Lots, Beall’s Outlet, Conn’s, Club 4 Fitness, Dollar Tree, Pet Supermarket, CATO, Pizza Hut and Firestone.
Located at 1301-1441 S. Babcock St., Melbourne Shopping Center sits between Hibiscus Blvd. and Bulldog Blvd., bringing average daily traffic counts of 31,900 vehicles. Within a five-mile radius of the center is a population of over 140,000, a household income of approximately $85,000 and an annual spending power of $3.6 billion. Additionally, the property benefits from its positioning within Florida’s Space Coast, which has seen numerous aerospace relocations and brought a highly educated and affluent workforce to the area.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Senior Director Eric Williams.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Andrew Gray and Associate Ryan Parker.
“Melbourne Shopping Center is a well-established Publix-anchored retail center with outstanding growth prospects both in the near and long term,” Portela said. “Grocery-anchored retail offerings continue to draw strong investor interest.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Brookwood Financial Partners
Brookwood is a private equity firm that acquires and manages commercial real estate and real-estate related operating businesses on behalf of its investors, which include Wall Street investment banks, sovereign wealth funds, college endowments, public and private pension funds, family offices, and high net worth individuals. Since its founding in 1993, Brookwood has invested over $1.9 billion of equity to acquire a portfolio of over 202 commercial real estate properties, seven operating companies, and 460 gas stations and convenience stores. Its $4.5 billion historical portfolio has spanned multiple asset classes, geographical markets, and industries across the United States. To learn more about Brookwood, visit www.brookwoodfinancial.com.