April 16, 2020
Choctaw Plaza, a 93,650-square foot retail property and Compass Bank, a 3,346-square foot net-leased property in Fort Walton Beach, FL, have sold for nearly $10 million. Choctaw Plaza, located at 111 Racetrack Road NW, is anchored by Big Lots and is 89% leased. Compass Bank is located at 101 Racetrack Road NW and is an outparcel to Choctaw Plaza. The assets are situated between Pensacola and Panama City, along north Florida’s Gulf Coast.
Marcus & Millichap’s James Medefind and Cory Gross marketed the property on behalf of the unnamed private investor seller. An individual/personal trust bought Compass Bank, in a deal handled by Medefind, Evan Cannan and Gross. The buyer for Choctaw Plaza was an individual/personal trust that was procured by Medefind and Gross.
Gross says, “We sourced 7+ offers internally for the asset and were able to maximize returns for our client by breaking up the property and selling the inline retail center and bank outparcel to different buyers.”
For comments, questions or concerns, please contact Dennis Kaiser