Fort Walton Beach retail center commands $9.5M

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

Dec.December 13, 2015 09:30 AM

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.

Related Articles


Brickell development site hits the market

Movers & Shakers: One Sotheby’s picks up Keller Williams team & more

Pembroke Pines retail center hits the market with a $20.65 price tag

WATCH: Where does retail real estate go from here?

Sephora building on Collins Avenue
hits the market

Movers & Shakers: Marcus & Millichap taps regional VP & more

Movers & Shakers: CushWake hires office director from Avison Young & more

Apartment property in Rockledge sells for $6.25 million