The Oak Brook, IL-based REIT paid Melbourne Shopping Centers Inc. $46.70 per sf for the 209,217-sf, 96%-leased,, 42-year-old property, just west of the city's central business district and 1 ½ miles from Melbourne International Airport.
The site, at 1301-1441 S. Babcock St., along Hibiscus Street and Sheridan Road, is 40 miles south of Downtown Orlando. Inland didn't wait long to make the purchase.
"This center is in a great location; near business; the beaches and the airport," Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., tells GlobeSt.com. "This is a continuation of our purchases in the Orlando area--an area with highly desirable demographics."
The center was built in 1960 and renovated in 1999 when Publix Supermarkets replaced its 39-year-old store with a 27,877-sf unit. Other tenants are Big Lots, Beall's Outlet, Burke's Outlet and Dollar Tree.
Inland has 13 properties in Central Florida totaling 1.56 million sf. The REIT has 26 shopping centers throughout the state totaling 3.26 million sf, almost a third of its total 8.05 million sf owned and operated in the Southeast. Inland has 19 centers in Georgia; four in South Carolina; two in Tennessee; and one each in Virginia and North Carolina.
The Melbourne acquisition is Inland's third largest retail center in Florida, running behind Skyview Plaza in Orlando, 281,247 sf; and Casselberry Commons in Casselberry, FL, 227,664 sf.
Sanders and outside counsel Charles Benvenuto represented Inland in the transaction. Attorney Larry B. Alexander negotiated for Melbourne Shopping Centers Inc., based in West Palm Beach, FL.
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