JACKSONVILLE, FL—Despite a low occupancy rate, Plantation Commons, a 121,402-square-foot class A retail center in Destin, FL, has traded hands. Continental Realty Corporation of Baltimore, MD acquired the retail property.
Located at 4495 Commons Drive West, the retail center is 70.2% occupied. The sale price was $13.325 million, or $109.76 per square foot. CBRE senior vice president Casey Rosen and senior vice president Cliff Taylor represented the seller.
“This asset was aggressively pursued by a number of investors targeting value-add opportunities in strong secondary markets,” says Rosen. “The buyer purchased the property as a long-term hold and plans to increase value through the lease-up of the vacant space.”
Built in 2007, Plantation Commons is located on U.S. Highway 98, Destin's main retail corridor. The shopping center offers consumers one of the area's top specialty grocers, The Fresh Market, as well as Marshall's and is adjacent to Home Depot.
HomeGoods opened there in September of 2013. The retail center is surrounded by northwest Florida's highest income neighborhoods, within the heart of the Emerald Coast tourist market. Plantation Commons is next to the upscale community of Kelly Plantation right on the Choctawhatchee Bay.
“The extraordinary reaction to Plantation Commons was a prime example of the desire of the investment community to acquire class A, grocery-anchored shopping centers in Florida with tangible upside,” says Taylor. The CBRE team representing the seller also included Dennis Carson, senior vice president.
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