Waterstone and DRA buy Hammock Landing in West Melbourne

By AI, Created 12:21 PM UTC, June 02, 2026, /AGP/ – Waterstone Properties Group and DRA Advisors have acquired Hammock Landing, a 345,000-square-foot retail center in West Melbourne, Florida. The deal is Waterstone’s first joint venture with DRA and its largest acquisition to date, reinforcing the firms’ focus on grocery-anchored and regional power centers in high-growth East Coast markets.

Why it matters: - The acquisition expands Waterstone Properties Group’s East Coast retail investment push into one of Florida’s fastest-growing corridors. - Hammock Landing gives Waterstone and DRA Advisors a high-traffic, grocery-anchored power center in a market supported by aerospace, aviation, and technology employers. - The deal also deepens Waterstone’s Southeast platform as the company opens a satellite office in South Florida.

What happened: - Waterstone Properties Group and DRA Advisors announced the acquisition of Hammock Landing in West Melbourne, Florida. - The transaction is the first joint venture between Waterstone and DRA. - The acquisition is Waterstone’s fourth purchase under its grocery-anchored and regional power center strategy. - The deal is Waterstone’s largest acquisition to date. - The purchase closed alongside Atlantic Retail, which Waterstone described as a capital markets partner.

The details: - Hammock Landing is a 345,000-square-foot power center. - The property sits at Brevard County’s busiest I-95 interchange. - The center is the most visited retail center on Florida’s Space Coast. - Hammock Landing is anchored by Ross, Marshalls, Petco, HomeGoods, Five Below, and Michaels. - The property includes more than 30 specialty retailers and restaurants. - The center also includes the area’s only movie theater. - Waterstone said Brevard County’s Space Coast continues to see economic growth driven by aerospace, aviation, and technology industries. - Major employers cited in the release include L3Harris, Northrop Grumman, and Lockheed Martin. - Expanding operations at Melbourne Orlando International Airport are also supporting population growth, job creation, and demand for retail space. - Waterstone said the company has a strong development pipeline of grocery-anchored retail assets breaking ground this year in New England and North Carolina. - Waterstone also said it has a robust acquisition pipeline along the eastern seaboard. - Waterstone says its approach combines acquisition underwriting with development and asset management. - Waterstone is hiring for the Southeast, including an in-house property manager and a director of asset management for the region. - Waterstone said it is opening a satellite office in South Florida to support the growing Southeast portfolio. - Waterstone Properties Group owns and manages more than 4 million square feet of commercial real estate. - Waterstone serves more than 400 national and local tenants. - Waterstone also has more than 400 multifamily and residential units and an active pipeline of about 3 million square feet of retail development. - Waterstone has developed 4 million square feet of healthcare-focused properties, including Maine’s Rock Row Health Campus. - DRA Advisors is a New York-based registered investment advisor with about 100 employees. - DRA says it has acquired about $44 billion of real estate since 1986. - DRA’s portfolio includes more than 105 million square feet of industrial space, 88,600 multifamily units, 95 million square feet of retail, and 66 million square feet of office. - As of March 31, 2026, DRA reported $13.2 billion in gross assets under management. - DRA’s announcement includes a website link: More information.

Between the lines: - The deal signals continued institutional interest in necessity-based retail and dominant shopping centers in growth markets. - Waterstone’s emphasis on East Coast markets suggests the firm is trying to scale a repeatable strategy around retail demand tied to population and employment growth. - The partnership with DRA and Atlantic Retail suggests Waterstone is building a wider capital network for larger transactions. - The Space Coast’s concentration of defense and aerospace employers gives the retail market a more durable demand base than a purely tourism-driven trade area.

What’s next: - Waterstone said it will continue deploying capital into grocery-anchored retail and regional power centers along the eastern seaboard. - The company’s New England and North Carolina development projects are expected to break ground this year. - Waterstone’s Southeast hiring and South Florida office expansion point to deeper operating infrastructure ahead of additional acquisitions.

The bottom line: - Hammock Landing gives Waterstone and DRA a flagship retail asset in a high-growth Florida market and strengthens Waterstone’s push to build a larger East Coast retail platform.