A real estate investment trust has purchased the Panama City Crossings shopping center for $202 per square foot or $6 million. The property is located on three acres directly across from the Panama City Mall, and is anchored by a freestanding Chili’s restaurant and a PetSmart. The population of Panama City has grown 54 percent since 2000, in part because of activity at Tyndall Air Force Base, which is located 17 miles from the center and employs more than 5,000 personnel. The commercial brokerage firm Marcus & Millichap represented the seller during the transaction.
“This property fit the investment profile of the REIT that was targeting shopping centers with strong anchor tenants,” Mike Paspalakis, an associate of Marcus & Millichap, said in a press release. “Our firm’s national marketing platform helped generate numerous offers on this property from investors across the country who were looking for a stabilized asset in an up-and-coming market.
