By Angie Helton, Northeast Media Associates
Waterstone Properties Group and DRA Advisors have announced the acquisition of Hammock Landing, a premier retail destination in West Melbourne, Florida, marking a significant milestone in Waterstone’s East Coast retail investment strategy. The transaction represents the first joint venture between the two firms and underscores their confidence in the long-term growth potential of Florida’s Space Coast region.
Hammock Landing is a 345,000-square-foot power center strategically located at one of Brevard County’s busiest Interstate 95 interchanges. A high-performing shopping destination, equidistant between Orlando and Palm Beach County, the center serves a super-regional trade area on the Space Coast and features a diverse mix of national retailers, restaurants and entertainment offerings. Anchors include Ross, Marshalls, Petco, HomeGoods, Five Below and Michaels, along with more than 30 specialty tenants and an IMAX movie theater.
Hammock Landing is a 345,000-square-foot power center in West Melbourne, Florida. Photo above and at top courtesy of Waterstone Properties Group
The acquisition is Waterstone’s fourth purchase under its grocery-anchored and regional power center investment strategy and the largest acquisition in the company’s history within that initiative. The firm continues to focus on acquiring high-quality retail assets in rapidly growing East Coast markets where population growth, economic expansion and consumer demand support long-term value creation.
Brevard County has emerged as one of Florida’s strongest economic engines, fueled by growth in the aerospace, aviation and technology sectors. Major employers such as L3Harris, Northrop Grumman and Lockheed Martin, along with ongoing expansion at Melbourne Orlando International Airport, have helped drive job creation, population increases and sustained demand for retail services across the region.
The transaction also establishes a new strategic partnership between Waterstone and DRA Advisors. The acquisition was completed in collaboration with Atlantic Retail, which served as a key capital markets partner throughout the process. Company leaders cited the strength of these relationships as a critical factor in securing the high-profile asset and positioning it for future growth.
“This acquisition perfectly mirrors our East Coast strategy: finding high-quality, well-located centers in markets that are truly thriving,” said Neal Shalom, chairman of Waterstone Properties Group. “We are excited to become part of this community and support the continued success of the center and its tenants.”
“This acquisition perfectly mirrors our East Coast strategy: finding high-quality, well-located centers in markets that are truly thriving. We are excited to become part of this community and support the continued success of the center and its tenants.”
According to Richard Greer, chief investment officer of Waterstone Properties Group, Hammock Landing aligns closely with the company’s broader expansion plans. “Hammock Landing exemplifies the kind of disciplined, conviction-driven investment we pursue — a dominant retail destination with strong fundamentals in a market underpinned by exceptional macroeconomic tailwinds,” Greer said. “The Space Coast is one of the most dynamic growth corridors on the East Coast, and this acquisition is consistent with both our active development pipeline breaking ground in New England and North Carolina this year and the broader acquisition pipeline we continue to build across the eastern seaboard.”
The acquisition comes amid an active growth period for Waterstone. The company currently has several grocery-anchored retail developments scheduled to break ground this year in New England and North Carolina, while continuing to evaluate additional acquisition opportunities throughout the eastern seaboard. To support its expanding presence in the southeast, Waterstone is opening a satellite office in South Florida and has strengthened its regional operations team with new hires in property management and asset management.
Waterstone Properties Group owns and manages more than 4 million square feet of commercial real estate nationwide and serves a portfolio of more than 400 tenants. Its holdings span retail, mixed-use, residential, logistics, corporate office and healthcare properties, with an active retail development pipeline totaling approximately 3 million square feet.
DRA Advisors, a New York-based real estate investment management firm, oversees approximately $13.2 billion in gross assets under management as of March 31. Since its founding in 1986, the firm has acquired approximately $44 billion in real estate assets across industrial, multifamily, retail and office sectors on behalf of institutional and private investors.
The Hammock Landing acquisition reflects growing investor confidence in retail centers located within high-growth markets and positions both Waterstone and DRA Advisors to capitalize on continued economic expansion along Florida’s Space Coast.