Area retail brokers familiar with the Panhandle market tell GlobeSt.com the $26.75 per-sf price is far below replacement cost of the 216,817-sf property sold by Watch Omega Holdings LLC of Austin. The center at North Pace Boulevard and Fairfield Drive is anchored by a Save-A-Lot grocery, and features JoAnn's Fabrics, Escambia County building and 26 other merchants.
Bill Tourtellotte, Steve Behrle and Dave Forrest of GMH Capital Partners in Newtown Square, PA negotiated for the seller. Ben Carter Properties represented the buyer. Tourtellotte says Safeway Group bought the center "for its appreciation potential in a stabilized and fast-growing North Florida real estate marketplace."
Town and Country Plaza Shopping Center is the second Florida investment property GMH has sold for Watch Omega Holdings. GMH previously represented Watch Omega in the sale of Pinellas Park Square Shopping Center in St. Petersburg.
GMH Capital Partners closed 36 property transactions valued at $400 million in 2003. Since 1998, the brokerage has closed over $1.5 billion in investment transactions in 32 states.
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