PRESS RELEASE: Palm Bay Commons retail center in Melbourne sells for $1.35 million

MELBOURNE, FL – In a sign of the continued improvement of the Central Florida retail market, Caerus Capital Partners, LLC, has purchased the Palm Bay Commons retail center for $1.35 million from PWREO Palm Bay Commons, LLC. The 9,000-square-foot multi-tenant strip center sits on .91 acres of land at 1105 Palm Bay Road in Melbourne.

The center is 100-percent leased by tenants Mattress One, L.A. Tan and a local sushi restaurant.

Cynthia Shelton, CCIM, CRE, and Kane Morris-Webster, CCIM, of Colliers International Central Florida represented the seller. Todd Gregory of Dykes Everett & Company Orlando represented the buyer.

“There is a lot of activity in the Central Florida retail market right now,” said Shelton. “Everything from grocery-anchored to core-asset to distressed and value-add retail property is seeing interest from buyers. There’s limited new construction, and inventory is hard to find.”


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TAGS: Investment