TSCG Brokers $8.4 Million Sale of Publix-Anchored Shoppes at Paradise Pointe

TSCG has brokered the $8.4 million sale of The Shoppes at Paradise Pointe, a 73,416-square-foot Publix-anchored shopping center in Fort Walton Beach, Florida.

Located at the signalized intersection of Miracle Strip Parkway SE (U.S. Highway 98) and Perry Avenue SE, the center was acquired by a private buyer. Anthony Blanco, Partner and Senior Managing Director of Investment Sales at TSCG, represented the seller, SITE Centers Corp., in the transaction.

The property is anchored by a 44,271-square-foot Publix, which has operated at the center since 2001 and recently exercised a renewal option extending its lease through 2031. At the time of the sale, The Shoppes at Paradise Pointe was 82.5% occupied, offering the buyer additional upside through nearly 13,000 square feet of available shop space.

“It has a dominant Publix anchor with a long operating history at the site and an irreplaceable position at one of the most heavily trafficked intersections on the Emerald Coast,” Blanco said. “On top of that, nearly 13,000 square feet of vacant shop space gave this buyer a clear path to grow income from day one.”

Originally built in 1987, the center features a mix of national and regional tenants including Great Clips, Mariner Finance and Painting with a Twist. The sale also included two developed outparcels along Miracle Strip Parkway occupied by Waffle House and Beach Liquors.

The transaction marks TSCG’s second sale of a Publix-anchored shopping center in North Florida since July, following the sale of The Plaza at Normandy in Jacksonville.

“Grocery-anchored retail continues to be a highly sought-after asset type among a very broad investor base, and this sale is further proof of that demand,” Blanco said.

Media coverage includes GetTheCoast.com