Richard Greer And Neal Shalom Of Waterstone Properties Group Acquire Retail Asset For $78.5M
205 Palm Bay Road Northeast
$78,500,000
$227/SF
Building Size
345,568 SF
Asset Type
Retail
Closing
May 25, 2026
About this deal
AI
The retail asset located at 205 Palm Bay Road Northeast in West Melbourne, Florida, has been transacted with a sale price of $78,500,000. The property encompasses a total area of 345,568 square feet, resulting in a price per square foot of $227.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $78,500,000
- Buyer: Richard Greer & Neal Shalom - Waterstone Properties Group
- Seller: CBL Properties & The Benchmark Group
- Brokers: Sam Koonce & Justin Smith - Atlantic Retail
The transaction features Richard Greer and Neal Shalom representing Waterstone Properties Group as the buyers of the asset. CBL Properties and The Benchmark Group acted as the sellers in this retail transaction. The brokerage team of Sam Koonce and Justin Smith from Atlantic Retail facilitated the deal.
On the Map
$78,500,000
$227/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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93