Royal American Development Inc. has acquired the Hancock Center in Panama City, FL. in a $6.6 million sale. The 69,646 square foot Class A office building is located at 1022 W 23rd Street. The building was 64 percent leased at the time of the sale with current building tenants including Merrill Lynch, Hancock Bank, TGI Friday’s and IAP. Three new leases were negotiated during the sale process, adding additional value for the new owner and yielding the optimal price and terms for the seller. Newmark Grubb Knight Frank Capital Markets represented the seller during the purchase. “The property is one of a few Class A office assets within the submarket,” said Michael Lapointe, NGKF “The building has an excellent base tenant roster with value add potential for new ownership.”
