Kenneth Goodman's Interface Properties sold the 92%-leased neighborhood shopping center to a joint venture of Houston-based Weingarten Realty and Boston-based AEW Capital Management for $41.6 million.
The tenant roll includes Best Buy, Linens 'n Things, Office Depot, PetSmart, Thomasville Furniture and Michaels. The center is on Destin's primary retail corridor, US 98/Emerald Coast Highway at the intersection of Mid-Bay Bridge Road.
Holliday Fenoglio Fowler brokers Danny Finkle, Dan Carlo and analyst Luis Castillo negotiated for Interface Properties. The buyers represented themselves. AEW bought into the shopping center for one of its institutional clients.
Finkle, director of HFF's Miami office, says Shoppes at Paradise Isle is a good deal for the buyers because it "offers outstanding cash flow stability, given the existing long-term leases." He adds, "The extraordinary demand for high quality retail space and limiting factors to new retail development all but assure this property's long-term success."
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