1031 Exchange Buyer Acquires 28,000 SF Commercial Property in Melbourne, Florida
CrownPoint Partners has negotiated the sale of a newly built single-tenant net-leased property occupied by Tractor Supply Company in Melbourne, Florida.
The property sold for US $7.4 million in an all-cash, off-market transaction to a private investor completing a 1031 exchange.
Julius Swolsky and Shannon Bona, Managing Partners and Co-Founders of CrownPoint Partners, represented seller and developer Primax Properties, LLC, as well as buyer, Nice Realty South LLC.
Kocated at 5600 N.
Wickham Road, the property is positioned at the signalized intersection of Wickham Road and State Route 404 (Pineda Causeway) in Brevard County, along Florida’s Space Coast, approximately 72 miles southeast of Orlando.
The 22,686-square-foot building occupies a 4.58-acre parcel and features Tractor Supply’s latest prototype, complete with an outdoor garden center.
Built in 2022, the property is situated adjacent to CVS and 7-Eleven, and across from Wawa, providing strong visibility and convenient access in a high-traffic retail corridor.
“This was a highly targeted, off-market transaction made possible by CrownPoint’s long-standing industry relationships,” says Swolsky. “Tractor Supply Co. has become a highly sought-after tenant for investors, driven by its continued expansion and strong brand loyalty.
Its investment-grade credit rating (BBB by S&P, Baa1 by Moody’s) further enhances its appeal as a reliable long-term tenant.”
This transaction is a prime example of out-of-state capital — in this case, from New England — being strategically relocated to Florida in pursuit of long-term stability and yield.
The property is secured by a strong corporate guaranty with more than 13 years remaining on the original 15-year triple net lease.
Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, operated 2,296 stores across 49 states as of December 28, 2024.
The Melbourne location includes value-enhancing amenities, such as an on-site pet wash station and an expanded lawn and garden center offering top national brands.
“Across the board, we’ve continued to see heightened investor interest in Florida, driven by strong population growth, favorable tax laws, and a resilient retail market,” says Bona. “This transaction is a prime example of out-of-state capital — in this case, from New England — being strategically relocated to Florida in pursuit of long-term stability and yield.”
The seller, Primax Properties, LLC, is a Charlotte, North Carolina-based real estate development and investment firm with a national footprint focused on delivering repetitive retail and commercial projects for end-user tenants.
Its portfolio includes over 7.8 million square feet and more than $1 billion in investment value.
The buyer, Nice Realty South LLC, is a private investment firm based in Massachusetts and Florida.
"This transaction highlights CrownPoint Partners' ability to leverage industry relationships to execute targeted, off-market deals,” adds Bona. “The combination of a sought-after tenant, prime location, and a desirable lease structure highlights the growing demand for high-quality net-leased investments in Florida."
