Greenleaf Capital, the real estate division of HCI Group, has acquired full ownership of the Pineda Landings Shopping Center in Melbourne, FL. The firm bought out its partner’s 10 percent stake in the center. Since development began in 2014, Greenleaf has invested approximately $3.9 million into the project, which is subject to a $9.4 million construction mortgage loan and is currently valued at approximately $17 million. The construction mortgage loan is due in February 2017, but can be converted to a three-year loan.
The newly-built 49,995 square-foot shopping center is anchored by The Fresh Market and includes retail tenants, such as Jersey Mike’s, Orangetheory Fitness, Supercuts, Scottrade and Expedia. Under the terms of their agreement, Greenleaf was entitled to acquire the co-developer’s interest in the project at a pre-determined formula price once the center was substantially occupied and stable. The partners continue to own several outparcels adjoining the center.
Anthony Saravanos, President of Greenleaf Capital, says the company has been acquiring assets at below market prices over the past year. “We plan to continue expanding and diversifying our real estate portfolio while carefully evaluating accretive growth opportunities.”
