In a major year-end transaction, the NAI Talcor team completed the $6 million sale of the AMC Classic Pensacola 18 multiplex on behalf of the seller, W.P. Carey, to Destiny Worship Center for approximately $81.11 per square foot.
The impact of this sale stems from finding a suitable buyer to ensure a use for the large specialized retail facility, which had been experiencing declining performance and might have faced closure after the existing lease with the cinema operator expired, which had approximately two years remaining.
Destiny Worship Center, which says it focuses on modern worship, Bible-centered teaching and creating a welcoming, family-friendly environment, has locations in Destin, Freeport, Crestview, Panama City Beach, Fort Walton Beach and Navarre, all in Florida.
About the project: The buyer, an interdenominational, contemporary Christian church founded by pastor Steve Vaggalis with multiple locations in northwest Florida, proved to be an ideal fit for the specialized property. The theater is expected to become the church's seventh place of worship under the adaptive-reuse deal.
For successfully positioning the challenging property type for reinvestment, the disposition of the 18-screen cinema property was selected by a panel of local industry professionals as the winner of the 2026 CoStar Impact Awards Sale/Acquisition of the Year for Pensacola.
What the judges said: "This deal faced numerous challenges involved with selling a specialized asset such as a movie theater. Now the property has a new lease on life," said Justin Beck, vice president of the Florida region for Sterling Properties.
They made it happen: Tammy Huston, commercial adviser, and Brent Faison, principal of NAI Talcor West Florida, represented the seller. Rob Bell, senior adviser, asset manager and co-founder of Bellcore Commercial, represented the buyer.