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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."

Lake Washington Crossing occupies about 13.3 acres at the northwest corner of Wickham Road and Lake Washington Road. Publix and Bealls Outlet are the anchors. Michalak negotiated for the seller. Weingarten represented itself.

For Michalak, the transaction was his 13th retail deal in the last 12 months and the fourth he has completed for Kimco. He previously handled the sale of Kimco's 131,851-sf Northgate Shopping Center, also in Melbourne; the 184,853-sf Eastgate Plaza in Pensacola; and the 282,151-sf Northwoods Plaza in Tampa.

Instant Insights /

Retail Property Trades for Second Time in Five Years

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