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| Mike Paspalakis |
PANAMA CITY, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, today
announced the sale of Panama City Crossings, a 29,612-square foot retail
property located in Panama City, Florida, according to Richard D. Matricaria,
regional manager of the firm’s Tampa office. The asset sold for $6,000,000.
Mike Paspalakis, associate, Nicholas Meoli,
vice president investments, and Michael
Donaldson, vice president investments, all in Marcus & Millichap’s
Tampa office, had the exclusive listing to market the property on behalf of the
seller, a partnership.
The buyer, a REIT, was secured and represented by Nicholas Ledvora, CCIM and senior associate in the firm’s Tampa office.
The buyer, a REIT, was secured and represented by Nicholas Ledvora, CCIM and senior associate in the firm’s Tampa office.
Panama City Crossings is a
29,612-square foot infill retail destination located at 845 East 23rd Street in
Panama City, Florida. The property is anchored by a freestanding Chili’s
restaurant and PetSmart with an additional 3,855 square feet of retail space
encompassing three retail bays.
Located in one of the
fastest growing states in the country, Panama City has experienced an
exponential population growth of 54 percent since 2000 due in part to the
Tyndall Air Force Base, which is within 17 miles from the property and employs
over 5,000 personnel.
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| Nicholas Meoli |
“Our firm’s national
marketing platform helped generate numerous offers on this property from
investors across the country who were looking for a stabilized asset in an up-and-coming
market,” says Paspalakis. “This property fit the investment profile of the REIT
that was targeting shopping centers with strong anchor tenants.”
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
Vice President/Regional
Manager
Tampa, FL
(813) 387-4700
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