Marcus & Millichap Arranges $1.7 Million Sale of 16,000-SF Palm Plaza in Panama City, FL

Chris Travis

PANAMA CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Palm Plaza, a 16,600-square foot retail property located in Panama City, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,700,000.

Michael C. Steiner, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer.
   

          

Casey Babb

“Through our strategic marketing initiative, we were able to procure the ideal buyer for this asset who was on the up leg of a 1031 exchange and looking for a property with strong market fundamentals and rent upside. This deal generated multiple offers and closed at 97.5% of list price,” said Steiner.

           

Palm Plaza is located at 17900 Back Beach Road in Panama City, Fla. The center is 100 percent occupied with two of three tenants having shown a long-term commitment to this location. 

Dollar General has recently exercised their option to extend their lease for five years (beginning Sept 1, 2018) and reported strong sales, both of which is a strong sign that this is a viable location. 

         

Michael C. Steiner

Dollar General is a $20.4 billion company and the leader in the dollar store segment, with more than 13,000 stores in 43 States. They are America's largest small-box discount retailer by sales.

 In 2015, Dollar General achieved its 26th consecutive year of same-store sales growth and revenues exceeded $20.4 billion with a net income of $1.17 billion and net worth of $5.3 billion. In the six-plus years since going public in late 2009, the Dollar General stock price has approximately quadrupled. 
           

Founded in 1952 in Panama City Beach, Florida as USNMCS Federal Credit Union, they began as a desk drawer, small office company offering basic share accounts and loans. 

Luis Baez

Fast forward 66 years, Innovations Federal Credit Union 20,000+ member institution with assets in excess of 190 Million. In addition to its retail and business banking services, IFCU offers consumer finance, mortgage banking and leasing. 

National City has been on a growth spree of late and now has six banks within the Panama City MSA to service its members.

Shawn Rupp

Contact:

 Chris Travis

Sales Manager, Tampa

(813) 387-4700