JACKSONVILLE, FL—Despite a low occupancy rate, Plantation Commons, a 121,402-square-foot class A retail center in Destin, FL, has traded hands. Continental Realty Corporation of Baltimore, MD acquired the retail property.
Located at 4495 Commons Drive West, the retail center is 70.2% occupied. The sale price was $13.325 million, or $109.76 per square foot. CBRE senior vice president Casey Rosen and senior vice president Cliff Taylor represented the seller.
“This asset was aggressively pursued by a number of investors targeting value-add opportunities in strong secondary markets,” says Rosen. “The buyer purchased the property as a long-term hold and plans to increase value through the lease-up of the vacant space.”
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