PENSACOLA, FL-Santa Rosa Commons, a regional grocery-anchored retail center in Pace, FL, has traded for $25.45 million. Santa Rosa Commons is about 10 miles northeast of downtown Pensacola.
HFF marketed the offering on behalf of the seller, Mpirical Development. HFF managing director Brad Peterson and director Coler Yoakam represented the seller. Cole Real Estate bought the property without existing debt. Thomas Falatko, vice president of acquisitions, represented Cole.
“The level of interest from investors for Santa Rosa Commons is evidence that investors are continuing to broaden their geographic investment criteria,” Peterson tells GlobeSt.com. “There simply are not enough high quality retail deals being offered in primary markets to meet the volume of capital that is seeking these deals. As such, investors are considering best-in-class assets in secondary markets to fulfill their acquisition objectives.”
Completed in 2008, Santa Rosa Commons has 124,414 square feet of retail space. The center is anchored by Publix Supermarkets, TJ Maxx, and PetSmart. The sale also included three outparcels currently leased to Regions Bank, Chili’s, and AT&T. The property is shadow anchored by Target, which was not included in the collateral.
Santa Rosa Commons is located on US-90, the most heavily traveled commercial corridor through Santa Rosa County. HFF reports this location is one in which retailers have been clamoring for positioning. Home Depot is immediately adjacent to the center and Wal-Mart SuperCenter and Lowes Home Improvement down the road.
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