Saturday, December 26, 2015

Marcus & Millichap Brokers $6 Million Sale of Panama City Crossings in Panama City, FL

Mike Paspalakis
PANAMA CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Panama City Crossings, a 29,612-square foot retail property located in Panama City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $6,000,000.

Mike Paspalakis, associate, Nicholas Meoli, vice president investments, and Michael Donaldson, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership.  

The buyer, a REIT, was secured and represented by Nicholas Ledvora, CCIM and senior associate in the firm’s Tampa office. 

Panama City Crossings is a 29,612-square foot infill retail destination located at 845 East 23rd Street in Panama City, Florida. The property is anchored by a freestanding Chili’s restaurant and PetSmart with an additional 3,855 square feet of retail space encompassing three retail bays.

Located in one of the fastest growing states in the country, Panama City has experienced an exponential population growth of 54 percent since 2000 due in part to the Tyndall Air Force Base, which is within 17 miles from the property and employs over 5,000 personnel.

Nicholas Meoli
 Panama City Crossings sits on over three acres with frontage on East 23rd Street, and is directly across from the Panama City Mall with over 600,000 square feet of retail space.

“Our firm’s national marketing platform helped generate numerous offers on this property from investors across the country who were looking for a stabilized asset in an up-and-coming market,” says Paspalakis. “This property fit the investment profile of the REIT that was targeting shopping centers with strong anchor tenants.”

For a complete copy of the company’s news release, please contact:
Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700

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