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Camilo Varela And Howard Levine Of Second Horizon Capital Acquire Melbourne Square Mall For $56.25M

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SOLD
$56,250,000

Florida

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Retail703,000 SF
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SOLD

Camilo Varela And Howard Levine Of Second Horizon Capital Acquire Melbourne Square Mall For $56.25M

1700 West New Haven Ave

See Similar Deals
Retail703,000 SF
Sold
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$80
Total Square Footage:703000 SF
Transaction Type:Sale

The asset involved in this transaction is the Melbourne Square Mall, located at 1700 West New Haven Ave in the Melbourne market. The property is categorized as retail, comprising a total area of 703,000 square feet. It was acquired for a sale price of $56,250,000, which equates to approximately $80.01 per square foot. The mall, built in 1982 and renovated in 2000, features major tenants such as Dillard's, Macy's, and JCPenney.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $56,250,000
  • Square Footage: 703,000
  • Address: 1700 West New Haven Ave
  • Market: Melbourne
  • Buyer: Camilo Varela - Second Horizon Capital
  • Buyer: Howard Levine - Second Horizon Capital
  • Seller: Christopher Conlon - Washington Prime Group

In this transaction, Second Horizon Capital was represented by Camilo Varela and Howard Levine. The seller, Christopher Conlon, represented Washington Prime Group, which has been actively selling its assets.

Players

Camilo Varela
2 deals$121.8M volume
BUYER

Howard Levine
Second Horizon Capital
2 deals$121.8M volume
BUYER

Christopher Conlon
Washington Prime Group
10 deals$591.2M volume
SELLER

Details

SOLD
IMAGE: Camilo Varela, Howard Levine & Christopher Conlon DATE: 03/05/2026 ADDRESS: 1700 West New Haven Ave MARKET: Melbourne ASSET TYPE: Retail BUYER: Camilo Varela - Second Horizon Capital, Howard Levine - Second Horizon Capital SELLER: Christopher Conlon - Washington Prime Group SALE PRICE: $56,250,000 SF: 703,000 ~ PPSF: $80 NOTE: Second Horizon Capital acquired the 703,000-square-foot Melbourne Square Mall in Melbourne for $56.25 million ($80.01 per square foot) from Washington Prime Group, which continues to sell assets. The 1982-built mall, renovated in 2000, is anchored by tenants including Dillard's, Macy's, and JCPenney.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,000,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$199,844.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$266,653.70
Annual Debt Service$3,199,844.37