FORT WALTON BEACH, Fla., April 14, 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 Choctaw Plaza, a 93,650-square foot retail property and Compass Bank, a 3,346-square foot net-leased property located in Fort Walton Beach, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The assets sold for $9,840,000.
James Medefind and Cory Gross, investment specialists in Marcus & Millichap’s Tampa and Denver offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer for Compass Bank, an individual/personal trust, was secured and represented by James Medefind, Evan Cannan and Cory Gross, investment specialists in Marcus & Millichap’s Denver and Tampa offices. The buyer for Choctaw Plaza, an individual/personal trust, was also secured and represented by James Medefind and Cory Gross.
“We sourced 7+ offers internally for the asset and were able to maximize returns for our client by breaking up the property and selling the inline retail center and bank outparcel to different buyers. Through our marketing process, we discovered that buyers were willing to pay a premium for the net leased Compass Ground Lease out-parcel. The fact that we were able to close on this shopping center in such difficult economic times Post-Covid-19 is a testament to the strength of this shopping center and the essential retailers that make up the center including GSA, Big Lots, Dollar General, Baptist Physician Group and many others,” says Mr. Gross.
Choctaw Plaza is located at 111 Racetrack Road NW in Fort Walton Beach, Fla. The Big Lots anchored shopping center is 89 percent leased with an attractive mix of national and local tenants including Dollar General, Rent-A-Center, Coldwell Banker, Little Caesars, the Department of Juvenile Justice, the Department of Juvenile Justice, and the General Services Administration (United States Government).
Compass Bank is located at 101 Racetrack Road NW in Fort Walton Beach andis an outparcel to a 93,650-square-foot Big Lots anchored shopping center.
Choctaw Plaza and Compass Bank are situated on busy Racetrack Road, which exposes the property to over 28,500 vehicles per day. Racetrack Road is also home to many national retailers and restaurants, such as Publix, Pizza Hut, Domino’s Pizza, Advance Auto Parts, O’Reilly Auto Parts, Maaco Collision Repair, Wells Fargo Bank, Tropical Smoothie Cafe, Wendy’s, Burger King, Waffle House and Walgreens.
Both properties benefit from being located directly across the street from Choctawhatchee High School. With over 1,600 students enrolled, it is the only school in Okaloosa County to offer the International Baccalaureate Diploma Program. Choctaw Plaza and Compass Bank are also only 10 minutes away from Eglin Air Force Base, which employs over 8,500 civilians, 4,500 military personnel and has over 8,000 residents. The abundance of retail and restaurants on Racetrack Road make it a convenient destination for both military and civilians that work or live near the base.
Fort Walton Beach is located between Pensacola and Panama City along north Florida’s Gulf Coast and has a population that is more than eight times as dense as the Florida average. Visitors are attracted to Fort Walton Beach for its white sand beaches and calm emerald waters. Other attractions include golf courses, family-friendly resorts, parks, museums and aquariums.
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.