The Real Deal Miami

Seller rings up $6M for Panama City retail center

Marcus & Millichap handled the property sale to a REIT for $202 per square foot

December 26, 2015 04:00PM

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Panama City Crossings

An anchor store at Panama City Crossings

A shopping center in Panama City anchored by a freestanding Chili’s restaurant and a PetSmart store sold for $6 million, or $202 per square foot.

Commercial brokerage firm Marcus & Millichap, which represented the seller, also reported that the new owner of Panama City Crossings is a real estate investment trust, or REIT.

“This property fit the investment profile of the REIT that was targeting shopping centers with strong anchor tenants,” Mike Paspalakis, an associate of Marcus & Millichap, said in a press release. “Our firm’s national marketing platform helped generate numerous offers on this property from investors across the country who were looking for a stabilized asset in an up-and-coming market.”

Panama City Crossings is located on three acres directly across from the Panama City Mall, which has more than 600,000 square feet of retail space, according to Marcus & Millichap.

Prospects for the retail property appear positive. The population of Panama City has grown 54 percent since 2000, in part because of activity at Tyndall Air Force Base. The base is 17 miles from Panama City Crossings and employs more than 5,000 personnel.