JLL closes $25.7M sale of Publix-anchored center in Pensacola
The retail center is in one of northwest Florida’s fastest-growing areas
ORLANDO, September 25, 2019 – JLL announced today that it has closed the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot, Publix-anchored retail center in the Pensacola-area community of Pace, Florida.
JLL marketed the property on behalf of the seller. Stirling Properties purchased the asset.
Santa Rosa Commons is located 10 miles from downtown Pensacola in one of northwest Florida’s
fastest-growing areas. The property is anchored by Publix, the No. 1 grocer in Florida. The next closest Publix east of the property is more than 35 miles away, allowing Santa Rosa Commons to benefit from an extended trade area. Completed in 2008, Santa Rosa Commons is 95.5% leased to a variety of tenants, including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. The center is shadow anchored by Target and The Home Depot.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Director Michael Brewster and Associate Ryan Stoffer along with Senior Managing Director Coler Yoakam.
“Santa Rosa Commons is a high-performing retail destination in the Florida Panhandle anchored by a strong-performing Publix and complemented by the other large national tenants,” Peterson said. “The Pensacola retail market continues to perform well relative to many other markets in the Southeast, primarily driven by Pensacola’s low unemployment rate; high barriers to entry because of the geography; and the continued growth of the military, healthcare and tourism industries.”
“We had a lot of interest in this asset because of these unique dynamics of the area, and this is an ideal acquisition for the buyer to continue to bolster their presence throughout the Gulf region,” Leonhardt added.
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 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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Stirling Properties
Stirling Properties is one of the most diversified full-service commercial real estate companies in the country. Regionally focused and nationally acclaimed, Stirling Properties specializes in advisory services, commercial brokerage, development and redevelopment, asset and property management and investments over a wide array of property types across the Gulf South. Connect with Stirling Properties on the web at stirlingproperties.com, “like” them on facebook.com/stirlingproperties, follow them @StirlingProp on twitter.com/StirlingProp or subscribe to the Stirling Insights blog.