Tuesday, April 26, 2011

Marcus & Millichap Sells 19,950-SF Shopping Strip Center in Destin, FL

DESTIN, FL,  April 26, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 98 Palms Strip Center (top left photo), a 19,950-square foot shopping strip located in Destin, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,400,000.

Benjamin Berry (middle right photo) and Michael J. Jaworski (lower left photo), retail specialists in Marcus & Millichap’s Tampa office, along with Marc E. Strauss, first vice president investments in the Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a financial institution based out of Florida.   

98 Palms Strip Center was built in 2003 and is located at 985 Highway 98East.  The property is well located in the heart of the Destin retail market and over 50,000 vehicles per day pass by the property location on Highway 98.

Nearby retail attractions include the 420,000-square foot Destin Commons and the 465,000-square foot Silver Sands Factory Outlet Center.

“This added value center should prove to be a good long term investment for the buyer, due to its location in a growing and high income market” says Strauss.  “The property was bought in conjunction with an adjacent Walgreens, which will help to provide an income safety net while the retail portion is leased up” adds Jaworski

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

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