$9.5 million sale of Choctaw Plaza in Fort Walton Beach, FL arranged by Marcus & Millichap

Marc E. 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 the sale of Choctaw Plaza, a 97,171-square foot shopping center located in Fort Walton Beach, Fla. The asset sold for $9,500,000 equating to $98 per square foot.

Marc E. Strauss, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Al Palacios, a senior associate in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a partnership from Destin, Fla. 

The buyer, a limited liability company from Syasset, NY, was secured and represented by Cory Gross, an associate in Marcus & Millichap’s Denver office.

“Choctaw Plaza was recently renovated and is fully stabilized. Almost 70 percent of its tenants are national retailers,” says Strauss. “We received multiple competitive offers from across the country and the property sold for a competitive capitalization rate based on actual income.”

Choctaw Plaza is a 96,900-square foot, nationally-anchored neighborhood shopping center situated on 7.19 acres.  The plaza’s tenants include: Big Lots, Dollar General, Rent A Center (RAC), Compass Bank, Coldwell Banker, and US and Florida Government Agencies.

The center is located at a signalized intersection in a busy retail corridor at 111 Racetrack Road NW in Fort Walton Beach, Fla.

                                                            

For a complete copy of the company’s news release, please contact:

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400