Tuesday, February 10, 2015

Emerald Coast Shopping Center Hits the Market in Fort Walton Beach, FL at $10.9 Million


Choctaw Plaza, 111 Racetrack Road, Fort Walton Beach, FL

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.”

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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