Thursday, July 21, 2011

HFF closes $25.45 million sale of northwest Florida regional grocery-anchored retail center

MIAMI, FL – HFF announced today that it has closed the sale of Santa Rosa Commons (top left photo), a regional grocery-anchored retail center in Pace (Pensacola), Florida.

HFF marketed the offering on behalf of the seller, Mpirical Development.  The property was sold without existing debt and purchased by Cole Real Estate Investments for $25.45 million.

Completed in 2008, Santa Rosa Commons has 124,414 square feet of retail space, which is anchored by Publix Supermarkets, TJ Maxx and PetSmart.

 The sale also included three leased outparcels to Regions Bank, Chili’s and AT&T.  The property is shadow anchored by Target, which is not included in the collateral.  Located in Pace at 4739 Highway US 90 (State Route 10), Santa Rosa Commons is about 10 miles northeast of downtown Pensacola.

The HFF team representing the seller included managing director Brad Peterson (middle right photo) and director Coler Yoakam (lower left photo).  Thomas Falatko, vice president of acquisitions, represented Cole.

According to HFF, Santa Rosa Commons is located on US-90, the most heavily traveled commercial corridor thru Santa Rosa County and a location in which retailers have been clamoring for positioning.

 In addition to Target, which shadow-anchors the property, Home Depot is immediately adjacent to Santa Rosa Commons, and Wal-Mart SuperCenter and Lowes Home Improvement are just down the road, creating a very vibrant retail trade area. 

 Further, Santa Rosa Commons had the ideal category-leading national tenant line-up, which features Publix Supermarkets, TJ Maxx and PetSmart.  Due to the strength of the trade area and tenant lineup, it was no surprise numerous offers were received on the property.

Based in Pensacola, Mpirical Development is a commercial real estate development company focused on creating quality developments that complement their surrounding communities.

Brad Peterson, HFF Managing Director, (405) 286-5224, 
 Coler Yoakam, HFF Director, (214) 265-0880,  
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

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