CBL Properties JV Gets $78M for Florida Retail
The property changed ownership at an 8 percent cap rate.
CBL Properties has sold Hammock Landing, a 397,000-square-foot open-air retail center in West Melbourne, Fla., for $78.5 million.
The buyer is undisclosed and assumed a $43.8 million loan. CBL sold the property together with its joint venture partner, The Benchmark Group.
The transaction brings CBL’s generated cash proceeds to nearly $26 million. It also supports the company’s capital recycling strategy, allowing it to deploy capital into other opportunities. The property traded at an 8 percent cap rate, underscoring investor demand for open-air retail assets, on par with current retail industry trends.
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The open-air mall totals 750,000 square feet and features multiple buildings across 78 acres, completed between 2009 and 2015. Tenants at the property include Target, Kohl’s, Petco, McDonald’s, Marshall’s, Burger King and AT&T, among others.
Hammock Landing is at 205 Palm Bay Road Northeast and is one of the dominant shopping destinations in Brevard County. It sits at the intersection of Palm Bay Road, Norfolk Parkway and Interstate 95. Melbourne Orlando International Airport is 7 miles away from the shopping center.
Space Coast key catalysts drive urban reshaping
Brevard County is expanding across multiple sectors, as the area became a highly competitive market with key drivers including its rapid population growth and an economic surge tied to Space Coast’s aerospace and tech industries. Besides defense, research and development, or manufacturing-adjacent real estate and investments, the county is sustaining its population growth by heavily investing in civic projects and live-work-play developments.
One of those developments is the Space Coast Town Center, a 225-acre, 61-building defining project using mixed-use design in West Melbourne. The master-developer is MultiVerse Global, while Integra Land Co. is in charge of the residential component.
When completed, the Space Coast Town Center will include over 2,000 residential units, 300 hotel rooms, 300,000 square feet of office space and 257,000 square feet of retail and restaurant space, as well as a grocery store and some neighborhood services. The first residential and retail spaces reached completion in April this year, when 300-unit multifamily component and new retail spaces including Panda Express, Chipotle and 7-Eleven came online.
Orlando positioned for further retail investment
As for metro Orlando, the retail sector remained resilient during the first quarter of 2026, according to a Cushman & Wakefield report. The overall retail vacancy rate stood at 3.9 percent at the of March. Rent growth also remained strong, with asking rents averaging $31.29 per square foot—marking a 5.1 percent year-over-year jump. This was the fastest rent growth recorded among Florida’s major retail markets.
Investment activity generated $1.5 billion over the past 12 months ending in March. This represented a 5 percent year-over-year increase. Freestanding retail properties and power centers accounted for most of the total dollar volume over the past 12 months, while pricing rose to $284 per square foot on average, marking a 5.6 percent year-over-year increase. As broader economic conditions continue to stabilize, investor sentiment is expected to improve in Orlando.
Recent investments include the $59.5 million transaction involving a 284,497-square-foot retail center in Altamonte Springs, Fla. 11North Partners purchased the property, known as West Town Corners, from Washington Prime Group.
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