The Shoppes at Paradise Pointe, a Publix-anchored shopping center near the the Brooks Bridge in Downtown Fort Walton Beach, has sold for $8.4 million.
- Commercial real estate firm TSCG brokered the sale of the 73,416-square-foot center, which sits at the signalized intersection of Miracle Strip Parkway SE (U.S. Highway 98) and Perry Avenue SE. Anthony Blanco, a partner and senior managing director of investment sales at TSCG, represented the seller, SITE Centers Corp. The buyer was a private individual.
Blanco said the property appeals to investors because of its grocery anchor and high-traffic location.
“It has a dominant Publix anchor with a long operating history at the site and an irreplaceable position at one of the most heavily trafficked intersections on the Emerald Coast,” Blanco said. “On top of that, nearly 13,000 square feet of vacant shop space gave this buyer a clear path to grow income from day one.”
The center was originally built in 1987 and was 82.5% occupied at the time of the sale. Publix has operated at the location since 2001 and occupies 44,271 square feet, including a pharmacy. The grocer recently exercised a renewal option that extends its lease through 2031.
The sale also included two developed outparcels along Miracle Strip Parkway occupied by Waffle House and Beach Liquors. Other tenants include Great Clips, Mariner Finance and Painting with a Twist.
The deal is TSCG’s second sale of a Publix-anchored center in North Florida since July, following the firm’s sale of The Plaza at Normandy in Jacksonville.
“Grocery-anchored retail continues to be a highly sought-after asset type among a very broad investor base, and this sale is further proof of that demand,” Blanco said.
