Monday, August 21, 2017

HFF closes $8.87 million sale of market-dominant retail center in Florida Panhandle

                      

Crestview Corners Shopping Center, Crestview, FL

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. 

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


No comments:

Post a Comment