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Florida & Gulf Coast  + Gulf Coast  + Retail  | 
The Villages of Grand Panama retail center in Panama City Beach has been sold for $6.8 million.

Multi-Tenant Retail Property in Panama City Beach Trades for $7M

Marcus & Millichap Capital Corporation has arranged $6.8 million in acquisition financing for Villages of Grand Panama, a 48,000-square-foot retail property in Panama City Beach, FL. The 10-year fixed loan has a 70 percent LTV and an interest rate of 3.95%.

MMCC’s Garrett Fierstein secured the financing while Simon Grigoryan and Chad Atwood brokered the deal.

“The market for well located, and stable retail assets continue to attract strong demand from lenders,” said Fierstein. “This area has experienced tremendous growth and continues to attract numerous high-quality retailers.”

The 19-tenant property sits on 5.1 acres in Panama City Beach’s business and tourist district, with ocean views. The property is occupied by an array of tenants including medical, real estate, and professional services as well as two well-known restaurants.

Tenants will benefit from a rapidly expanding population in the area and the addition of a newly approved adjacent 290-unit luxury condominium complex adjacent to the property.

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Inside The Story

Marcus & Millichap Capital Corporation's Fierstein

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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