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Melbourne Retail Project Revving Up – Connect CRE

by | Mar 6, 2024 | 0 comments

The Barclay Group has obtained a $30 million construction loan for a new retail development in Melbourne. Longline Financial provided the loan.

The project will tout Sprouts Farmers Market grocery store and EoS Fitness as key tenants for Pineda Commons. Pineda Commons will be near the Pineda Causeway, Interstate 95, U.S. 1, Patrick Air Force base and the Space Coast’s various beaches.

The Orlando Business Journal reports permits were issued by the city of Melbourne for a 23,479-square-foot Sprouts Farmers Market grocery store, valued at $4.2 million, and a 42,414-square-foot EoS Fitness location, valued at $10.1 million. Additional permits issued by the city for Pineda Commons include a 7,000-square-foot inline retail building with five separate spaces for lease, valued at $1.3 million, and a 1,857-square-foot Fifth Third Bank location, valued at $3 million.

A site plan also reflects additional outparcel opportunities, including three ground-leased properties.

The developer bought the property across two transactions in October 2023 for a combined $5.35 million.

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