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Stephen Lebovitz Of CBL Pro...

Updated May 27, 2026

Stephen Lebovitz Of CBL Properties Sells Hammock Landing Retail Center For $78.5M In West Melbourne
SOLD

Stephen Lebovitz Of CBL Properties Sells Hammock Landing Retail Center For $78.5M In West Melbourne

205 Palm Bay Road Northeast

$78,500,000

$197/SF

Building Size

397,000 SF

Asset Type

—

Closing

May 27, 2026

About this deal

AI

CBL Properties sold a 397,000-square-foot open-air retail center located at 205 Palm Bay Road Northeast in West Melbourne, Florida, for a total of $78.5 million. The property's price per square foot is $198.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $78,500,000
  • Seller: Stephen Lebovitz - CBL Properties
  • Assumed Loan: $43,800,000
  • Cash Proceeds: $26,000,000
  • Cap Rate: 8%

This transaction involved CEO Stephen D. Lebovitz, who indicated that the proceeds from this sale will contribute to the acquisition of Gateway Mall, aligning with CBL's ongoing asset rotation strategy.

On the Map

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Players

Stephen Lebovitz

CBL Properties

Seller

$682.4M

vol

3 deals

Seller
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Market CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Deal FAQ

About $197 per square foot on a published $78.5M for 397,000 square feet (2026).

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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

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