The Barclay Group has secured a $30 million construction loan from Longline Financial for its latest retail development in Melbourne. Pineda Commons, located near the Pineda Causeway and major highways, will feature Sprouts Farmers Market and EoS Fitness as anchor tenants.
According to reports from the Orlando Business Journal, permits have been 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 have also been granted for a 7,000-square-foot inline retail building with five separate spaces available for lease worth $1.3 million and a Fifth Third Bank location spanning 1,857 square feet with an estimated value of $3 million.
The site plan includes opportunities for additional outparcels through ground leases on three properties.
In October of last year,the developer acquired the property through two transactions totaling to be worth approximately$5.35million.The project is set to bring new life intothe areaand provide convenient accessfor residentsnearbyto amenities such as Patrick Air Force Baseand various beaches alongthe Space Coast.
