Barclay Group sidestepped a tight lending climate and secured crucial financing for a Brevard County retail development that’s in full swing.
The Tampa Bay-based developer has received a loan of nearly $30 million from a subsidiary of Atlanta-based investment firm Longline Holding, bolstering construction of Pineda Commons, which is about an hour southeast of Orlando in the coastal town of Melbourne, the Orlando Business Journal reported.
Melbourne was the fastest-growing city in Florida in 2023, according to U-Haul’s tally of migration trends. The presence of major aerospace and technology companies like Embraer, SpaceX, Northrop Grumman, Lockheed Martin and L3Harris Technologies have propelled the area’s growth.
Pineda Commons, located on the north side of Melbourne, will span 17.8 acres at 5185 and 5195 North Wickham Road. The site is near thoroughfares like the Pineda Causeway, Interstate 95 and U.S. 1, as well as the Patrick Air Force Base and the Space Coast beaches.
Pineda Commons will be anchored by a 23,400-square-foot Sprouts Farmers Market grocery store and a 42,400-square-foot EoS Fitness location. It’s also slated for a 7,000-square-foot retail building with five spaces for lease and an 1,800-square-foot Fifth Third Bank. Three ground-lease properties present additional development opportunities at the site.
Barclay purchased the property in two transactions totaling $5.35 million in October 2023. Vertical construction is slated to commence in the second quarter of 2024, with completion expected in early 2025.
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Barclay’s strong reputation and the promising market conditions in Melbourne were key factors in securing funding for the project, according to Jeremy Herman, an investments director for Longline Financial.
“The group has particular experience and strong relationships with the planned tenancy, which further strengthens the project’s appeal,” Herman told the outlet. “Additionally, the booming aerospace industry driving one of the nation’s fastest-growing economies of Melbourne made for a great pairing of market and deal sponsor.”
—Quinn Donoghue