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MELBOURNE, FL-Lake Washington Crossing, a 118,828-sf, 18-year-old single-story, multi-tenant strip shopping center, has changed ownership for the second time in five years.
Houston-based Weingarten Realty Investors paid KPT Communities LLC, an affiliate of Kimco Realty Corp., New Hyde Park, NY, $12.65 million, or $106.46 per sf, for the 95%-leased property in this Space Coast Brevard County city.
James P. Michalak, senior director, Cushman & Wakefield of Florida Inc. in Tampa, handled the sale on both occasions. "The center has an amazing resiliency and has survived the opening of another Publix-anchored center and a Wal-Mart neighborhood store," Michalak says. "The occupancy is higher than at any time in the recent past."
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