Garrison Investments Grabs Retail Center From Kimco

WEST MELBOURNE, FL—Garrison Investment Group just snapped up a 144,000-square-foot retail center in West Melbourne. Garrison acquired the Shoppes of West Melbourne from Kimco Realty Corporation. Financial terms of the retail deal were not disclosed.
 
“At about 93% leased, Shoppes of West Melbourne is a valuable investment that supports our overall strategy to grow our 4.5 million-square-foot portfolio in key markets across the U.S.,” Mitch Salmon, senior vice president of Garrison Investment Group, said in a statement. “We feel there is tremendous opportunity for well-designed and located product in Florida and look forward to growing our footprint in the region.”

Garrison awarded Stiles Property Management, a division of Stiles, the property management contract. Sembler Company was selected to provide leasing services. Located at 1501 West New Haven Avenue on Highway 192 in Brevard County, the Shoppes of West Melbourne is home to a broad selection of national tenants including Bed Bath & Beyond, Jo-Ann, Party City, T-Mobile, and Office Depot.

“While Sembler Realty will lead the marketing initiative to lease the remaining space, it will be our focus to create value for the property by nurturing relationships with existing tenants so they want to remain at the center,” Rachel Sardenga, vice president of Stiles Property Management, said in a statement. “We will also maximize the visibility of the center by improving signage and optimize the curb appeal so patrons will want to frequent the center more often.”  
 
Melbourne has not been an area that Stiles have focused on in the past, but Sardenga says the firm felt it was the perfect time to concentrate on the market. Stiles is actively working to expand its third-party business and has assigned a new president.

“There is tremendous opportunity for well-designed and located product in niche areas throughout Florida supported by a mix of tourism and permanent residents,” Sardenga says. “This property is highly valuable considering it is 93% leased, has high quality anchor tenants, and is located in a highly populated area with annual average income levels of around $60,000.”