Brookwood Financial Partners Acquires Melbourne Shopping Center For $14.3M
1301 South Babcock Street
$14,300,000
Building Size
—
Asset Type
Retail
Closing
Dec 20, 2023
About this deal
AI
Brookwood Financial Partners, represented by Thomas N. Trkla, has acquired the Melbourne Shopping Center in Melbourne, Florida for $14.3 million from Site Centers Corp, represented by David Lukes. The retail property, spanning 211,000 square feet, is anchored by Publix Super Market and features a 92.4% lease rate. It includes tenants such as Big Lots, Bealls Outlet, Dollar Tree, and Pizza Hut.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $14,300,000
- Address: 1301 South Babcock Street, Melbourne, Florida
- Market: Melbourne
The deal was facilitated by JLL, with Danny Finkle, Eric Williams, and Jorge Portela representing Brookwood Financial Partners as brokers, and Andrew Gray and Ryan Parker representing them as mortgage brokers. The financing for the acquisition was provided by Berkshire Bank through a $15.8 million loan arranged by JLL Capital Markets.
On the Map
$14,300,000
Retail
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Players
Melbourne Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93