Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.625 million sale of Sea Shell Collections, an 87,125-square-foot, Publix-anchored shopping center in the Pensacola-area community of Gulf Breeze, Florida.
The HFF team marketed the property on behalf of the seller. Publix purchased the asset free and clear of debt.
Anchored by a high-performing Publix, the 90.5-percent-leased Sea Shell Collections is also home to Publix Liquor, Super Cuts, RE/MAX on the Coast and well-known local tenants Coastal Paddle Company, Pizzaz Personalized Gifts and more. Situated on 12.9 acres at 852 Gulf Breeze Parkway, the center is in the Pensacola MSA, the largest MSA in the Florida Panhandle and home to five major military facilities and the Department of Defense. Sea Shell Collections has frontage along the eight-lane Gulf Breeze Parkway, which has traffic counts of approximately 54,500 vehicles per day and is the only major thoroughfare providing a connection to the area’s world-renowned beaches. The center is in Gulf Breeze, an affluent beach community located on a barrier island across Pensacola Bay from the Pensacola Naval Air Station, home of the Blue Angels.
The HFF investment sales team included senior managing director Brad Peterson, director Whitaker Leonhardt and associate Michael Brewster.
“The sale of Sea Shell Collections is yet another example of the strength of the Panhandle retail markets, which continue to thrive,” Leonhardt said. “There is very low unemployment and high barriers to entry, which, combined with the healthy income levels and prominent military presence, create great opportunities for retail real estate investors.”
Publix is privately owned and operated by its 188,000 employees, with 2016 sales of $34 billion. Currently Publix has 1,155 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. The company has been named one of Fortune’s “100 Best Companies to Work For in America” for 20 consecutive years. In addition, Publix’s dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company’s website, www.corporate.publix.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.