Sunday, January 25, 2015

Marcus & Millichap Lists Suburban Pensacola, FL Shopping Center at $23 Million


Marc Strauss
 GULF BREEZE, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has retained the exclusive right to market for sale the Sea Shell Collections Shopping Center, a 89,175-square-foot Publix-anchored shopping center in Gulf Breeze, Fla.

The $23 million listing price equates to $258 per square foot.

         “An investor will see upside by leasing the 6,750 square feet of vacant space and the three outparcels,” says Marc Strauss, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. Strauss is representing the seller, Sea Shell Collections LLC.

            Built in 2008, the center is approximately 56 percent anchored by Publix and Publix Liquor, which is signed to retain tenancy through 2028. Supercuts, ReMax, Smoothie King, Marble Slab, Rotolo’s Pizzeria and Roly Poly are among the property’s national tenants.

Sea Shell Collections Shopping Center, Gulf  Breeze, FL
A recently opened Panera Bread restaurant is an outparcel tenant but is not a part of the offering.

 The shopping center is situated on 14 acres with direct access from U.S. Route 98 at 852 Gulf Breeze Parkway in Gulf Breeze on Pensacola Bay across from Pensacola.

The property has several points of ingress and egress and 459 parking spaces. The traffic count is 63,000 cars per day.

“Although Panera Bread is not included in the offering, it is important to note that the restaurant’s sales are above anticipated projections,” Strauss adds. “Panera’s success should encourage future outparcel tenants and has substantially increased traffic to the shopping center.”

The offering includes three outparcels that are 0.5 acres, 0.95 acres and one acre in size. Average household income in the area exceeds $104,000 within a one-mile radius and $112,000 within a three-mile radius.

The Gulf Breeze economy is driven by industry, tourism and retirement. Employment in the area is strong and unemployment is approximately 3.12 percent.


 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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