Collett currently owns two retail centers in Melbourne and Port Orange and is building a 117,000-square-foot shopping center in Cocoa Beach that would be anchored by Academy Sports and Hobby Lobby, according to leasing materials. The firm sourced an $18.7 million loan from TD Bank for the Orlando acquisition.
The seller was Retail Value Inc., an independent a publicly traded company on the New York Stock Exchange. Net proceeds were used to repay mortgage debt associated with RVI, according to a statement released at the end of trading Monday.
RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets.