The effect of the sale of retail buildings on a highly visible intersection in Gulf Breeze, Florida, doesn't end at the edge of the property, according to some local brokers. The positive outcome of the deal is expected to extend to the surrounding area.
The freestanding buildings at 721 and 725 Gulf Breeze Parkway in Gulf Breeze, Florida, were sold last year by Trademark Properties to JRW Investments of Pasadena, California, for almost $6 million, or $1,008 per square foot. The sale was recognized by a panel of judges made up of commercial real estate professionals as the 2024 CoStar Impact Awards sale/acquisition of the year for the Pensacola market.
The revival of the corner, as well as new ownership and any added investment, make for a "wonderful improvement to the community that was greatly needed," said Melissa Glyptis Simpson of Coldwell Banker Commercial Realty.
Breakfast and brunch chain First Watch was occupying one building, with eatery Chipotle in the other at the time of the sale, adding an element of stability to the investment for the new owner.
The in-place net operating income for 721 Gulf Breeze Parkway for 2023 was reported to be $149,310. For 2023, 725 Gulf Breeze Parkway was reported to have an in-place net operating income of $149,988.
The portfolio was on the market for two months, with an initial asking price of $6.3 million. The sale of these retail properties at a significant price per square foot also helps set benchmarks for future deals in the area.
About the Property: The site has 5,936 square feet on 1.65 acres.
What the Judges Said: "A prominent abandoned corner is now vibrant and beautiful," said DeeDee Davis of NAI Pensacola.
Simpson of Coldwell Banker said: "This was a corner that had been sitting for years at a fantastic location. The development was absolutely needed and the development team's success in bringing in major national tenants that match the desires of the local community was right on point."
He Made It Happen: Patrick Wagor of Atlantic Capital Partners represented the seller.