Radiant Partners LLC of New York bought the largest enclosed regional center on Florida's northwest Emerald Coast for $52 million, or $69.33 per sf. Montgomery, AL-based Jim Wilson & Associates sold the 27-year-old property which it developed in 1976, expanded in the mid-1980s and renovated in 2001.
Area retail brokers tell GlobeSt.com the selling price was "a bargain, considering the growth potential of this asset in this growing market."
Anne Zahner, a principal at Radiant Partners, says the mall is "similar in many respects to the 20 or so mid-market malls we've purchased, sold or repositioned over the last five years--solid, stable but in this case, with nice growth on the horizon."
Zahner says "the merchandise mix at the mall will continue to benefit from the demographics and growth projected for this location on the Emerald Coast." The mall anchors are Sears, Dillard's, McCrae's and JC Penney.
The mall is located between Pensacola, home of a Navy base, and Destin, near Eglin Air Force Base and Hurlburt Field on the Florida Panhandle.
For Jim Wilson Associates, the transaction marks the sale of its second major Southeast shopping center in the last three months. In May, Wilson sold the 28-year-old, 92%-leased, 820,000-sf Peachtree Mall near the Fort Benning, GA military base in Columbus, GA. General Growth Properties Inc. of Chicago paid $87.6 million, or $106.82 per sf, for the property. The mall was posting average sales of $340 per sf at the time the deal was done, as GlobeSt.com previously reported.
Jones Lang LaSalle has been retained by Radiant to lease and manage the property.
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