Press Releases
Marcus & Millichap Arranges Sale of Publix-Anchored Retail Center in Palm Bay, Florida
June 10, 2025
PALM BAY, Fla., June 10, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Palm Bay Center, a 135,049-square-foot Publix-anchored retail center in Palm Bay, Florida.
“This sale involved several moving parts, as Publix required a buyer willing to construct a brand-new store for them,” said Tarek Chbeir, senior director at Marcus & Millichap’s Orlando office. “To meet that need, we ran a transparent auction process to cast a wide net and identify the ideal buyer.”
Chbeir represented the seller, a private investor, in the transaction. He collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the asset.
Palm Bay Center is located at 4707 Babcock Street NE, situated on 12.31 acres. Publix has operated at this location since 1978 and recently extended its lease through 2030. The center includes 598 parking spaces, is two miles from Interstate 95, and sits along a major retail corridor surrounded by national tenants including Walmart, CVS and Dollar General in Florida’s rapidly growing Space Coast region.
“This sale involved several moving parts, as Publix required a buyer willing to construct a brand-new store for them,” said Tarek Chbeir, senior director at Marcus & Millichap’s Orlando office. “To meet that need, we ran a transparent auction process to cast a wide net and identify the ideal buyer.”
Chbeir represented the seller, a private investor, in the transaction. He collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the asset.
Palm Bay Center is located at 4707 Babcock Street NE, situated on 12.31 acres. Publix has operated at this location since 1978 and recently extended its lease through 2030. The center includes 598 parking spaces, is two miles from Interstate 95, and sits along a major retail corridor surrounded by national tenants including Walmart, CVS and Dollar General in Florida’s rapidly growing Space Coast region.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
