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Bayview Malls LLC, a division of Miami-based Bayview Financial Trading Group, purchased the Merritt Square Mall in Merritt Island for $32.75 million.
The 497,487-square-foot mall is anchored by J.C. Penney, Sears, Burdines and Dillard's. Burdines and Dillard's own their respective pads and were not included in the sale.
The mall was built in 1970. The Sears wing was added in 1988, and extensive interior and exterior renovations were done in 1999. Adam Feinstein, director of financial services, and Mark Gilbert, senior director of financial services in Cushman & Wakefield's Miami office, negotiated the sale on behalf of the seller, John Hancock Life Insurance Co.
In other sales activity:
* Atlanta-based developer Watkins Development sold the University Palms Shopping Center in Orlando for $10.86 million to a Florida investment group. Les Aron and David Goldstein, retail investment specialists and top producers in Marcus & Millichap Real Estate Investment Brokerage Co.'s Tampa office, along with Randall Ryan, an Orlando-based Marcus & Millichap retail specialist, negotiated the transaction.
* Trammell Crow Co. (NYSE: TCC) completed...