HFF closes $29.8 million sale of grocery-anchored retail portfolio along Florida’s Atlantic coast

Windover Square, 2227 West New Haven Avenue, Melbourne, FL

Daniel Finkle

MIAMI, FL – Nov. 5, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $29.8 million sale of a three-property portfolio of grocery-anchored neighborhood shopping centers totaling 236,324 square feet in the coastal Florida communities of Melbourne, Rockledge and Cocoa.

HFF marketed the property on behalf of the seller, a joint venture between PMAT and an investment account managed by Hunt Investment Management.  Phillips Edison Grocery Center REIT II purchased the portfolio. 

The 90.6-percent leased portfolio consists of three high-performing grocery-anchored shopping centers at strategic points along the coast of Brevard County, including two Publix-anchored centers, Windover Square in Melbourne and Rockledge Square in Rockledge, and the Winn-Dixie-anchored Port St. John Plaza in Cocoa. 

The 81,516-square-foot Windover Square features a Publix anchor supported by national tenants Dollar Tree, Weight Watchers and Hair Cuttery.  Situated on 10.3 acres at 2227 West New Haven Avenue, the center has frontage along Melbourne’s major commercial corridor.

Luis Castillo

 Rockledge Square is positioned on 10.75 acres at 1880 Highway 1 South, the main north-south thoroughfare of the Melbourne MSA.  The 76,018-square-foot center includes Publix, Wuesthoff Health System, Firehouse Subs and Cricket Wireless.

 Port St. John Plaza is a 78,790-square-foot retail center consisting of two buildings located at 6217 US Highway 1. 

 The 10.12-acre property features one of the top-performing Winn-Dixie’s in the region and is complemented by Planet Fitness, Papa John’s, H&R Block and Port St. John Pediatrics.

The HFF team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle and associate director Nat Scarmazzi.

“An opportunity to acquire a portfolio of high-volume grocery-anchored centers within an expanding market appealed to buyers,” Castillo said. “The seasoned history of the portfolio coupled with excellent positioning within the Melbourne MSA resulted in a highly competitive process.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.grocerycenterREIT2.com.

www.huntcompanies.com.

www.pmat.net.