The Sea Shell Collections retail center in the Pensacola area of Gulf Breeze has been sold to its anchor tenant, Publix for $18.625m. Located at 852 Gulf Breeze Pkwy, the 87,125 square foot center was 90 percent leased at the time of the sale. Trading for just under $215 per sqf, the scheme is also home to Publix Liquor, Super Cuts, RE/MAX on the Coast and local tenants Coastal Paddle Company and Pizzaz Personalized Gifts. Situated on 12.9 acres, the property is in the Florida Panhandle and home to five major military facilities and the Department of Defense. Gulf Breeze, an affluent beach community located on a barrier island across Pensacola Bay from the Pensacola Naval Air Station, is home of the Blue Angels. Holliday Fenoglio Fowler marketed the asset on behalf of an undisclosed seller. Publix purchased the retail plaza free and clear of debt.
“The sale of Sea Shell Collections is yet another example of the strength of the Panhandle retail markets, which continue to thrive,” Whitaker Leonhardt, director HFF said. “There is very low unemployment and high barriers to entry, which, combined with the healthy income levels and prominent military presence, create great opportunities for retail real estate investors.”
