Sale Notes

FL Retail Advisors is pleased to present this Davita Dialysis Anchored Asset, located in Melbourne, Florida. The Subject is a 95 percent occupied multi-tenant, neighborhood office & retail strip center and is located within one of the newly designated “Opportunity Zones” which may offer desirable tax advantages.

The Subject, one two-story building consisting of 40,750 leaseable square feet, was originally built in 1978. The Subject is constructed of concrete block and fully finished stucco facades. The asset is located on the Southeastern corner of South Babcock Street and East Melbourne Avenue which allows multiple points of ingress/egress and direct frontage on Babcock Street with visibility to over 27,000 vehicles per day. The property is also situated just over a mile South from Health First Holmes Regional Medical Center, a 500+ bed hospital which draws medical tenants, as exemplified by the current rent roll.

Davita Anchored Strip Center is offered at $2,932,000 or $71.95 per square foot. All tenants currently operate under gross structured leases, allowing an investor to implement a value-add ownership plan by converting tenants during renewal periods to a Triple Net lease structure. Additional value is also available by effectively leasing the 2,000 square feet of available space in the property.