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| Crestview Corners Shopping Center, Crestview, FL |
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| Brad Peterson |
ORLANDO, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $8.87 million REO sale
of Crestview Corners, a
116,983-square-foot, fully leased, market-dominant community retail center in
the Florida Panhandle community of Crestview.
HFF arranged the sale on
behalf of the seller, special-servicer LNR Property, a subsidiary of Starwood
Property Trust, Inc. A partnership of
SilverCap Partners LLC and Burton Property Group, LLC purchased the asset free
and clear of existing debt.
The 100-percent-leased
Crestview Corners is home to a variety of national and regional tenants, including
Big Lots, Bealls Outlet, Ashley Furniture, Rent-A-Center, Hibbett Sports and
Beef O’Brady’s.
Situated on 13.5 acres at
2493 South Ferdon Boulevard (State Road 85), the center is the only
multi-anchor shopping center in a 10-mile trade area, with the nearest
comparable retail concentrations located 22 miles south in Destin and 38 miles
west in Pensacola.
Crestview Corners is on
the “going home” side of Ferdon Boulevard half a mile off Interstate 10, which
have combined traffic counts of 58,600 vehicles per day.
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| Whitaker Leonhardt |
The HFF investment sales team was led by
senior managing director Brad Peterson
and director Whitaker Leonhardt.
“The market fundamentals
throughout the Florida Panhandle are incredibly strong, as indicated by the
Crestview MSA leading the state of Florida with an incredibly low unemployment
rate of 2.6 percent,” Leonhardt said.
“Combined with high barriers to entry, these
markets have some of the lowest retail vacancy rates in the state. Retail investors are starting to catch on to the
strength of these markets, and we are seeing excellent investment opportunities
in this region.”
For
more information on this company, please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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