ORLANDO—After entering the Space Coast earlier this month with a three-property portfolio of grocery-anchored neighborhood shopping centers, Phillips Edison Grocery Center REIT II acquired another Florida retail asset.
Phillips snapped up Cocoa Commons is a 90,116 square foot grocery store-anchored shopping center in Cocoa, FL. That's about 45 miles east of Orlando.
Publix, the number one grocer by market share in the Orlando area, anchors the retail center. Anytime Fitness, Beef 'O' Brady's, GNC, Sally Beauty Supply, Sprint and Subway are also among the tenants.
The Space Coast is clearly heating up. But which Orlando retail submarkets are really the hottest? GlobeSt.com caught up with Josh Busby, a vice president at CREC, to get his thoughts.
"We are seeing tremendous growth within the West Melbourne, Palm Bay and Ocala submarkets, with occupancy rates increasing across these neighborhoods," Busby says. "Take West Melbourne, where new residential developments are creating demand for grocery brands such as specialty supermarket The Fresh Market.
"In Brevard County, NASA is hiring new workers and the jobs from Kennedy Space Center are shifting south, driving demand for housing and retail services," he continues. "Accessibility is the primary factor contributing to this trend as residents are seeking retail services near where they live."
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