WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot, open-air retail center located directly off I-95 in Viera.

Situated within the 43,000-acre master-planned Viera community in Brevard County, the property houses more than 80 retail, restaurant and entertainment tenants, including AMC Theatres, Belk, Chili’s, Cost Plus World Market, Kohl’s, lululemon athletica, Moe’s Southwest Grill, Old Navy, Sephora and Urban Air Adventure Park.

Massachusetts-based WS Development will assume management of the center and will share ownership with CP VENTURE FIVE – AV LLC, an entity managed by PGIM, which has owned Avenue Viera since 2006, when it purchased the retail asset from Cousins Properties, Inc. for $87.6 million.

The sales price was not disclosed.

The Avenue Viera marks WS’s third investment in the state of Florida, joining The Royal Poinciana Plaza in Palm Beach and Hyde Park Village in Tampa.

WS Development and PGIM plan to remerchandise the center, as well as host events and install public art.

Source:  RE Business