Michael Klump Of RCG Ventures Acquires Retail Center In Melbourne From Michael Weil For $16M
1501 New Haven Avenue
$16,000,000
$110/SF
Building Size
144,533 SF
Asset Type
Retail
Closing
Jul 1, 2025
About this deal
AI
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.
On the Map
$16,000,000
$110/SF
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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93