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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.
- ◦Sale/Acquisition
