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.
5 Responses
Does selling this mean the Publix and Waffle House will be demolished or just that the shopping center has new owners?
Article says the Publix lease is extended to 2031
Do not get rid of our Waffle House and lower grocery prices at Publix. THEY are going up not down…Biden is gone and so is covid. STOP GOUGING LOCALS.
I’m a bit surprised it’s value was just $8M but I agree, pricing in general is absolutely ridiculous! Publix and most other retailers have used every excuse under the sun to increase prices. Yet, now that many of those situations have resolved themselves (COVID, et al), why haven’t we seen significant decreases in prices? I suppose Tarriffs are the answer. If so, thank you to the numerous politicians who’ve promised so much but have done so little.
Are your heads in the sand? Prices have grossly increased because TRUMP is playing games with foreign countries…gas and diesel costs have skyrocketed because of the ridiculous back and forth closures he has imposed on the Strait of Hormuz. The Truckers that supply us with our food, clothing, home goods are paying the HIGHEST FUEL PRICES EVER! Again, that cost is paid by you and me.
American farmers provide us with our vegetables,dairy,and meats. The cost of providing us these necessities are passed on to Americans.
We are $paying$ heavily for TRUMP’s stupidity and ignorance. He still blames Biden for our inflation and COVID. TRUMP has been president for two years. Blaming Biden is getting old to hear. TRUMP needs take responsibility for his own bad decisions. He’s running our country into the ground. He’s a terrible leader. He is surrounded by YES MEN and WOMEN that continue to support his agenda to advance themselves, deaf to what their constituents are actually asking for. I pray our country can endure 2 more years of this president and his lies.