PANAMA CITY BEACH, Fla., February 11, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Panama City Beach Residential Land, 17.79-acres of land located in Panama City Beach, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,900,000.
Paul Bouldin and Christopher Burnham, investment specialists in Marcus & Millichap’s Tampa and Baltimore offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer limited liability company, was secured and represented by Reese Abee, an investment specialist in Marcus & Millichap’s Nashville office
Panama City Beach Residential Land is located at 2204 Thomas Drive in Panama City Beach, Fla. The land contains approximately 17.795 gross acres and approximately 9.34 upland acres. The property is located on the west side of Thomas Drive, at 2204 Thomas Drive, Panama City Beach, Florida. Panama City Beach Residential Land is permitted for 186 multifamily residential units and has a Development Order and Wetland Resource Permit in place. The property is an excellent opportunity for a developer to acquire a property that is ready to build a market rate or senior apartment community. Panama City Beach Residential Land is close to great schools, shopping, restaurants, banking and medical offices. It is approximately one mile from the new Gulf Coast Veterans Health Care System Panama City Beach VA Clinic at 2600 Veterans Way via Magnolia Beach Road.
Panama City Beach Residential Land is ideally located approximately two miles from the beach and two miles south of U.S. Highway 98. It is just south of the U.S. Naval Support Activity (NSA) Panama City, which includes the U.S. Naval Diving and Salvage Training Center, the Naval Surface Warfare Center Panama City Division and the Coast Guard. The NSA totals 657 acres and houses 221 buildings and employs approximately 2,800 civilian and military personnel with an annual payroll of more than $150 million. The NSA contract-services buys local goods and maintains an active construction program. Its economic impact on Bay County is more than $400 million annually.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.