Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
RCG Ventures Sells Fully Leased Retail Center in Pensacola for $16M
JLL has closed the $16-million sale of Village Oaks, a 166,245-square-foot retail center with national anchors in Pensacola, FL.
Brad Peterson and Whitaker Leonhardt with JLL represented seller, an affiliate of Atlanta, GA-based RCG Ventures, LLC. A South FL-based family office acquired the asset.
The fully leased Village Oaks is anchored by Bealls, PetSmart, Planet Fitness and Party City, which together account for nearly 73% of the property’s gross leasable area.
Village Oaks is situated on 15.3 acres within the largest MSA in the FL Panhandle and proximate to the world’s largest concentration of aviation, aerospace and defense assets.
“Retail stores in the FL Panhandle tend to outperform many other markets because of the combined impact of stable economic drivers, fly-to and drive-to tourism, plus a substantially larger customer drawing radius since the major concentrations of retail shopping centers tend to be spread out,” said Leonhardt.
