Second Horizon Capital has acquired a 710,000 square foot retail center in Florida's Space Coast, a site where it plans to implement imminent upgrades.
Located at 1700 W. New Haven Ave, the property known as Melbourne Square serves the cities of Palm Bay, Titusville and Melbourne, according to Second Horizon.
The shopping mall first opened in 1982 and is now home to 125 local and national retailers.
Second Horizon said in a statement that it is planning to make "immediate" investments in the property that prioritize guest experience and bolster tenant performance. This includes expanding partnerships with regional businesses and organizations, as well as adding resources to support buildings, center operations and community engagement.
"These enhancements, combined with the center's established retailers and strong community presence, will further improve Melbourne Square's mix of shopping, dining, and entertainment offerings," Camilo Varela, managing partner and co-founder of Second Horizon, said.
"Our active community engagement approach will also strengthen the center's role as a premier gathering place for the Space Coast community."
CBRE has been tapped by Second Horizon to handle the leasing services and property management responsibilities at Melbourne Square.
The deal was facilitated by a joint venture between Cross Ocean Partners and Neuberger Berman.
The acquisition, at an undisclosed price, marks Second Horizon's eighth investment in the five years since its establishment. Also, this represents the Florida-based firm's second purchase in the Sunshine State in the last 12 months.
The company's portfolio shows one other asset in Florida: Orange Park Mall, which spans 950,000 square feet across 120 retail brands in Orange Park. It also has properties in multiple other states, including Arkansas, Virginia, Illinois, Massachusetts and Utah.
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