31 Jan 2018
Panama City, Florida— Matthews Real Estate Investment Services™ sold 23rd Street Plaza, a 53,376 square-foot power center in Panama City, for $5.4 million. Scott Henard, SVP and Regional Director for the Matthews™ Shopping Center Division, lead the transaction on behalf of the seller, Retail Properties of America, Inc. (RPAI), and sold the asset to an undisclosed private Texas group.
The property is located at the intersection of Martin Luther King Jr. Boulevard and East 23rd Street, and was built in 2002. The asset is conveniently located in a super-regional corridor adjacent to the Panama City Mall and across the street from a new power center development. 23rd Street Plaza was 100 percent occupied at the time of sale, with Ross Dress for Less and Jo-Ann Fabrics anchoring the property.
“Unique assets like 23rd Street Plaza are not a fit for many buyers in the market, so it required our team’s commitment and marketing expertise to locate the right buyer for the property,” says Henard. “Both anchor tenants had very short lease terms, but we were able to cast a very wide net, and ultimately sourced multiple all-cash buyers. The buyer chose this property due to its strong location, high barriers to entry, and historical store performance.”
The Matthews™ Shopping Center Division prides themselves on their commitment to serving their clients’ best interest. With their marketing technology and expansive global database, the division has earned a reputation for excellence in execution. For more information regarding the sale of 23rd Street Plaza or if you have any questions regarding available shopping center inventory, please reach out to Scott Henard or El Warner.
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MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, SNTL, management, leasing, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM
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