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| Choctaw Plaza, 111 Racetrack Road, Fort Walton Beach, FL |
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| Marc Strauss |
FORT WALTON BEACH, FL – Marcus & Millichap (NYSE: MMI),
a leading commercial real estate investment services firm with offices
throughout the United States and Canada, announced it has retained the
exclusive listing to market for sale Choctaw Plaza, a 93,300-square-foot
neighborhood shopping center on the Emerald Coast in Fort Walton Beach, Fla.
The $10.9 million listing price equates to $117 per square
foot.
Constructed in 1984 and renovated in 2008, Choctaw Plaza
features a dedicated turn lane that funnels traffic directly into the shopping
center from a signalized intersection where daily traffic counts exceed 50,000
cars per day.
Marc Strauss, first vice president investments in
Marcus & Millichap’s Fort Lauderdale office, and Al Palacios, senior
associate in the firm’s Miami office, are representing the seller, Choctaw
Plaza Ltd.
“The property is a stabilized asset with future stability
insured by the area’s ever-growing presence of military bases,” says Strauss.
“The region is home to the U.S. Air Force’s Hurlburt Field, Elgin Air Force
Base and naval air station and naval operations support center Duke Field.”
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| Al Palacio |
Hurlburt Field and Elgin Air Force Base border Fort Walton
Beach. Hurlburt Field is headquarters to Special Operations Command and employs
more than 11,000 people.
Elgin Air Force Base is one of the largest air force bases
in the United States and employs more than 16,000. In addition to the military,
the Fort Walton Beach economy is supported by industry, tourism and retirement.
“Choctaw Plaza is currently 95 percent leased and most
tenants have triple-net leases,” says Palacio.
The property is located on more than seven acres at 111
Racetrack Road NW in Fort Walton Beach. Northwest Florida State College is
nearby and the 257-bed Fort Walton Beach Medical Center is within walking
distance.
The shopping center is approximately 70-percent-anchored by
credit tenants such as Big Lots, Dollar General, Rent-A-Center, Morgan
Stanley, Coldwell Banker, U.S. government agencies, T-Mobile, Curves and Little
Caesars.
The Big Lots store is a high-sales location that relocated
to Choctaw Plaza and renewed its lease in January 2014 for another five years.
Compass Bank and Morgan Stanley are the end cap spaces and Compass Bank has
spent $2 on improvements to its building.
The center received new landscaping, a new parking lot and
lights one year ago. Nearby national tenants include T.J. Maxx, Home Depot,
Winn-Dixie, two Publix Super Markets, Sam’s Club, Super Walmart, SunTrust Bank,
Wells Fargo, Chick-fil-A and many others.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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