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Michael Klump Of RCG Ventures Acquires Retail Center In Melbourne From Michael Weil For $16M

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SOLD
$16,000,000

Florida

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Retail144,533 SF
Sold 07/01/2025
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Property Image
SOLD

Michael Klump Of RCG Ventures Acquires Retail Center In Melbourne From Michael Weil For $16M

1501 New Haven Avenue

See Similar Deals
Retail144,533 SF
Sold 07/01/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$110
Total Square Footage:144,533 SF
Transaction Type:Sale

The retail property involved in the transaction is located at 1501 West New Haven Avenue in Melbourne. The property sold for $16,000,000 and has a total square footage of 144,533, resulting in a price per square foot of $111.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $16,000,000
  • Buyer: Michael Klump - RCG Ventures
  • Seller: Michael Weil - Global Net Lease Inc.
  • Square Footage: 144,533
  • Price Per Square Foot: $111
  • Market: Melbourne

The transaction was executed despite recent tenant losses at the property, which is anchored by Aldi, Planet Fitness, and Five Below. The Shoppes of West Melbourne currently has over 56,000 square feet vacant following closures of Party City and Joann Fabrics.

Players

RCG Ventures
RCG Ventures
BUYER
MW
Michael Weil
5 deals$2.1B volume
SELLER

Details

SOLD
IMAGE: Michael Weil & Michael Klump DATE: 07/01/2025 ADDRESS: 1501 West New Haven Avenue MARKET: Melbourne ASSET TYPE: Retail BUYER: Michael Klump - RCG Ventures (@RCGVentures) SELLER: Michael Weil - Global Net Lease Inc. SALE PRICE: $16,000,000 SF: 144,533 ~ PPSF: $111 NOTE: RCG Ventures bought the 144,533-square-foot Shoppes of West Melbourne for $16M from Global Net Lease, despite recent tenant losses. The center, anchored by Aldi, Planet Fitness, and Five Below, now has over 56,000 square feet vacant after Party City and Joann Fabrics closed.

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