The Real Deal Miami

Fort Walton Beach retail center commands $9.5M

Marcus & Millichap brokers sale of Choctaw Plaza for $98 per square foot.

December 13, 2015 09:30AM

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Choctaw Plaza in Fort Walton Beach.

Choctaw Plaza in Fort Walton Beach.

Commercial property brokerage Marcus & Millichap announced the sale of the Choctaw Plaza shopping center in Fort Walton Beach for $9.5 million, or $98 per square foot.

Marc E. Strauss, a first vice president, investments, in the Fort Lauderdale office of Marcus Millichap and Al Palacios, sa senior associate in the firm’s Miami office, represented the seller, a partnership in Destin. The buyer is a limited liability company from Syasset, New York.

“Choctaw Plaza was recently renovated and is fully stabilized. Almost 70 percent of its tenants are national retailers,” Strauss  said in a press release by Marcus & Millichap. “We received multiple competitive offers from across the country and the property sold for a competitive capitalization rate based on actual income.”

Choctaw Plaza is a 96,900-square-foot shopping center on a 7.919-acre tract of land with tenants including Big Lots, Dollar General, Rent A Center (RAC), Compass Bank, Coldwell Banker and agencies of the state and federal governments.

The shopping center is located at 111 Racetrack Road Northwest in Fort Walton Beach.