Panama City Retail Center on the Market

Monday, July 30, 2018

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a 29,559-square-foot retail center for sale named Panama City Crossings, which is strategically located in the heart of the commercial corridor in Panama City, Florida. At 91.5 percent occupied, the center is home to PetSmart, Cricket Wireless and Chili’s Grill & Bar. There is significant upside potential through lease-up of the two remaining suites totaling 2,517 square feet, and, with the strength of the trade area, should be leased.

Panama City Crossings is located on 3.36 acres at 45 East 23rd Street in the northern part of Panama City. With a population of nearly 203,000 residents, a five-year projected population growth rate of 6.1 percent and an impressive 3.7 percent unemployment rate, the Panama City MSA is one of the fastest-growing and strongest in Florida. Fueled by an ideal quality of life, strong military presence, expansion of the Port Panama City and an exploding tourism industry, there is a tremendous five-mile population of more than 92,000 residents with average household incomes of nearly $65,000 annually.

Retail Property for Sale in Panama City Investment Highlights

  • Proximate to the Region’s Largest Enclosed Mall in the Heart of the Commercial Corridor:  Panama City Crossings is perfectly situated across from the regionally dominant Panama City Mall and along the heavily traveled 23rd Street, the submarket’s most prominent commercial corridor. The center also is exposed to more than 60,000 vehicles a day from being located between the intersections of Martin Luther King Jr. Boulevard and US 231, which provides convenient access to Interstate 10.
  • Irreplaceable Area Demand Drivers:  The retail property for sale benefits from its close proximity to some of the area’s largest employment drivers, including the 323-bed Bay Medical Sacred Heart, Gulf Coast Regional Medical Center, Gulf Coast State University and its 7,200 students, the 1,200-student FSU Panama City Campus, the 700-acre SweetBay mixed-use development and the Tyndall Air Force base.
  • Highly Sought-After Trade Area:  The Panama City trade area is one of the dominant and highly sought-after retail nodes in the Florida Panhandle and a “must have” location for any retailer and restaurant.  As a result, Lucky’s Market, HomeGoods, Bealls Outlet, West Marine, Cracker Barrel, Steak ‘n Shake, Panda Express and Chick-fil-A have all opened new stores in a three-mile radius within the last five years.
  • PetSmart Anchor with Significant Term Remaining:  PetSmart is the largest specialty pet retailer with 1,500 stores in North America, and the next nearest location is more than 13 miles away in Panama City Beach. Further, PetSmart is an original tenant from 2004 and recently re-cast their lease, showing a long-term commitment to this location.
  • Chili’s Outparcel with Ideal Frontage:  Chili’s Grill & Bar is a wholly owned subsidiary of Brinker International, a publicly traded restaurant conglomerate with more than 1,600 restaurant locations worldwide. Chili's has ideal frontage of 80 feet along 23rd Street with prominent visibility, great signage and convenient access and parking.

For more information on Panama City Crossings or other commercial real estate listings in central Florida, please contact Brad Peterson or Whitaker Leonhardt. Click here to be taken to our real estate investment sales search page for a current listing of commercial properties for sale.

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