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| Brad Peterson |
ORLANDO, FL – HFF announced today that it has closed the
sale of the Shoppes at Paradise Isle, a 171,837-square-foot retail power
center in Destin, Florida.
HFF
marketed the property on behalf of the seller, Weingarten Realty
Investors. Stoltz Real Estate Partners’
fifth, U.S. diversified fund, which is currently investing capital, purchased
the asset for $32.8 million free and clear of existing debt.
The
Shoppes at Paradise Isle is situated on 17.7 acres at 34940 Emerald Coast
Parkway at the 17-lane intersection of US Highway 98 and Mid-Bay Bridge Road,
the epicenter of the most dominant retail trade area between Pensacola and Panama
City.
Completed in 2005, the property is 89.7 percent leased and
anchored by Best Buy, Big Lots, Michaels, PetSmart, Ulta and Office Depot.
The
HFF investment sales team representing the seller was led by senior managing
director Brad Peterson and associate director Whitaker Leonhardt.
 |
| Whitaker Leonhardt |
“It is
no exaggeration to say that the intersection of the Emerald Coast Parkway and
the Mid-Bay Bridge is the best retail intersection in 40 miles,” Peterson
said.
“Destin’s economy is booming, and retailers are clamoring
for the few remaining spaces that are available in the area. Shoppes at Paradise Isle is one of the
hallmark retail assets in the Florida Panhandle, so it is no surprise that it
received very strong interest from the investment community.”
For a complete copy of the company’s news
release, please contact:
Kristen M. Murphy
Associate Director HFF |
One Post Office Square, Suite 3500 |
Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 |
Cell:
617-543-4873 |
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