TAMPA, FL--Plaza Advisors is pleased to announce the sale of Gulf Breeze Marketplace (top left photo) in Pensacola, Florida.
The shopping center is situated at the intersection US 98 and County Road 281. The shopping center contains 333,654 square feet of total of gross leasable area. Walmart Supercenter and Lowes Home Improvement are shadow anchors.
The local tenant mix is composed of numerous national credit entities including; Sally Beauty, Firehouse Subs, GNC, Radio Shack and Hibbett Sports. The sale also included a freestanding Wells Fargo bank branch. The asset was constructed in 1998 and was fully leased at the time of sale.
Plaza Advisors represented the seller in the transaction and co-managing partners Jim Michalak (middle left photo) and Anthony Blanco (lower right photo), together with Senior Financial Analyst, Lenard Williams were involved in the engagement. The seller and buyer were DDR Corp. and a private equity group, with offices in Atlanta and Tampa, respectively.
“Grocery anchored retail assets are clearly the product of choice for both institutional and private equity investors,” Michalak says. “ Even though Gulf Breeze Marketplace does not contain a traditional grocery anchor the asset benefits from the consumer drawing power of the contiguous Walmart Supercenter and Lowes Home Improvement stores”.
Blanco adds, “This sale further accentuates the strong demand for high quality retail investment assets.
“The capital markets displayed a very substantial interest in the asset as evidenced by the strong demand and numerous offers received”.
Contacts:
Tampa Office Miami Office
Jim Michalak Anthony Blanco
3412 Bay to Bay Boulevard 5201 Blue Lagoon Drive, Suite 846
Tampa, FL 33629 Miami, FL 33126
OFFICE: 813-837-1300 OFFICE: 305-629-3606
FAX: 813-831-2627 FAX: 305-647-6441
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