Pace Crossroads is currently 100% leased.
PACE, FL—Blackwater Resources of Birmingham, AL has sold the nearly 76,000-square-foot Pace Crossroads shopping center here.
The shopping center located at 4877 Highway 90, approximately 30 miles outside of Pensacola, is currently 100% leased and anchored by three major tenants including Dick’s Sporting Goods, Michael’s and Ulta Beauty.
Newmark Knight Frank, which represented Blackwater Resources in the transaction, reports the property was acquired by a private, Mid-Atlantic based investor. No financial details of the transaction were released.
NKF senior managing directors Mark Joines and Drew Fleming, along with associate Henry Kushner, represented the seller in the deal.
“Pensacola is one of the fastest-growing Metro areas in the United States and continues to garner significant interest from real estate investors,” says NKF’s Joines. “Impressive growth combined with a convenient location helped Pace Crossroads generate significant interest from the investment community. The sale signals that well-located big box centers are still in high demand.”
Pensacola ranks in the top fifth of U.S. metro areas in population growth since 2010, according to the US Census Bureau. The region also saw its job market increase by nearly 2% over the last year, with future growth over the next decade projected to be nearly 10 percentage points higher than the national average of 33.5%. Last month Florida Gov. Ron DeSantis announced that the private-sector in Pensacola has seen the most growth in education and health services, with 1,100 new jobs added since 2018.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
