Coastal retail center near Pensacola sells for $19.9M
JLL Capital Markets completed the sale of the Publix-anchored neighborhood shopping center on the premier barrier island tourist destination of Gulf Breeze
ORLANDO, Apr. 22, 2021 – JLL Capital Markets announced today that it has closed the $19.9 million sale of Tiger Point Pavilion, a 66,279-square-foot neighborhood shopping center anchored by Publix in the coastal Pensacola-area community of Gulf Breeze, Florida.
JLL marketed the property on behalf of the seller, a joint venture between MAB American and DRA Advisors. ExchangeRight acquired the asset.
Completed in 2018, the 98 percent-leased Tiger Point Pavilion is anchored by Publix, the No. 1 grocer by market share in Florida, and home to a diverse list of national and local tenants, including Aspen Dental, AT&T, Dickey’s Barbeque, Great Clips, Select Physical Therapy and more. With a highly desirable attached drive-thru pharmacy, Publix Supermarkets and the adjacent liquor store account for approximately 57% of the rental income at the property.
The retail center is at 1430 Tiger Park Lane in Gulf Breeze, a premier barrier island destination for affluent residents and visiting tourists in the Pensacola MSA. Area income levels exceed $100,000, and there are very high barriers to entry because of the coveted coastal location, which attracts tourists from Texas and across the Southeast.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Analyst Tommy Isola.
“The addition of the Publix store at Tiger Point Pavilion in 2018 solidified their grocery stronghold over this desirable barrier island that stretches from Gulf Breeze to Navarre,” Peterson said. “The prime positioning of this asset just over the Garcon Point Bridge, along with popular shadow anchors, has truly made this a fortress location that will outperform most other centers in the region.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About MAB American
Since 2013, MAB has developed more than 2 million square feet of properties across the U.S. with a cumulative value in excess of $500 million. For more information, visit mabamerican.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $34 billion of real estate, including 80 million square feet of industrial, 59 million square feet of office, 82 million square feet of retail and 76,000 multifamily units. As of December 31, 2020, DRA has $11.2 billion in gross assets under management. draadvisors.com
About ExchangeRight
ExchangeRight pursues its passion to empower people to be secure, free and generous by providing REIT, fund and 1031 DST portfolios that target secure capital, stable income and strategic exits. The company strategically acquires and manages long-term, net-leased assets backed by investment-grade corporations that successfully operate essential businesses in the necessity-based retail and healthcare industries. Please visit exchangeright.com for more information.