Marcus & Millichap Brokers Northwest Florida Retail Sale
- Apr 15, 2020
Marcus & Millichap has completed the disposition of Choctaw Plaza, a 93,650-square-foot retail center, and an adjacent 3,346-square-foot building net leased to Compass Bank in Fort Walton Beach, Fla. First Vice Presidents of Investments James Medefind and Cory Gross assisted the seller and procured the two buyers. The assets changed hands for a total price of $9.8 million. Both properties last traded in 2015 for $9.5 million, according to public records.
Located on 7 acres at 111 Racetrack Road NW, Choctaw Plaza opened its doors in 1974. At the time of sale, the center was 89 percent leased to anchor tenant Big Lots and Dollar General, Little Caesars and Coldwell Banker, among others. The Compass Bank property is on a 1-acre outparcel at 101 Racetrack Road NW. The building came online in 2008.
The properties’ placement along Racetrack Road provides daily traffic exposure of more than 28,500 vehicles, according to Marcus & Millichap. Other companies in the same retail corridor include Domino’s Pizza, Walgreens and Wells Fargo Bank. The site is 4 miles from downtown Fort Walton Beach.
Earlier this week, Marcus & Millichap negotiated the $9 million sale of a 14,820-square-foot Walgreens in Boston’s outer suburbs. The company represented both parties in the deal.