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.