Panama City retail center trades hands

ORLANDO, March 9, 2020 – JLL Capital Markets announced today that it has closed the $5 million sale of Panama City Crossings, a 29,559-square-foot retail center anchored by PetSmart in Panama City, Florida.

JLL marketed the property on behalf of the seller. An affiliate of TCII Capital Group purchased the asset.

Situated on 3.36 acres at 845 E. 23rd St., the retail center is located along a heavily travelled thoroughfare in the heart of Panama City’s commercial corridor and is visible to approximately 23,500 vehicles per day. The center is across from the 600,000-square-foot Panama City Mall, the region’s largest enclosed mall, and proximate to some of the area’s largest employment drivers, including multiple medical centers, Gulf Coast State University, and Florida State University’s Panama City Campus. Nearly 53,000 residents live within a three-mile radius of the center, and that population is expected to grow 5.5% before the end of 2023. Completed in 2005, Panama City Crossings is 91.5% leased to PetSmart, Cricket Wireless and Chili’s Grill & Bar. Additionally, the center is shadow anchored by Books-A-Million.

The JLL Retail 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.

“Demand for shopping centers in Florida remains strong, and investors are circling the Panhandle because of the strong fundamentals and the hope of getting a little more yield than comparable properties in Central and South Florida,” Peterson said. “This is the fourth shopping center that our team has closed or priced in the Panhandle over the last six months, and investors want more!”

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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

TCII Capital Group is a vertically integrated private real estate firm whose focus is investing in value-add commercial real estate assets in major markets across the United States.