HFF closes $8.87 million sale of market-dominant retail center in Florida Panhandle
ORLANDO, FL – July 31, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $8.87 million REO sale of Crestview Corners, a 116,983-square-foot, fully leased, market-dominant community retail center in the Florida Panhandle community of Crestview.
HFF arranged the sale on behalf of the seller, special-servicer LNR Property, a subsidiary of Starwood Property Trust, Inc. A partnership of SilverCap Partners LLC and Burton Property Group, LLC purchased the asset free and clear of existing debt.
The 100-percent-leased Crestview Corners is home to a variety of national and regional tenants, including Big Lots, Bealls Outlet, Ashley Furniture, Rent-A-Center, Hibbett Sports and Beef O’Brady’s. Situated on 13.5 acres at 2493 South Ferdon Boulevard (State Road 85), the center is the only multi-anchor shopping center in a 10-mile trade area, with the nearest comparable retail concentrations located 22 miles south in Destin and 38 miles west in Pensacola. Crestview Corners is on the “going home” side of Ferdon Boulevard half a mile off Interstate 10, which have combined traffic counts of 58,600 vehicles per day.
The HFF investment sales team was led by senior managing director Brad Peterson and director Whitaker Leonhardt.
“The market fundamentals throughout the Florida Panhandle are incredibly strong, as indicated by the Crestview MSA leading the state of Florida with an incredibly low unemployment rate of 2.6 percent,” Leonhardt said. “Combined with high barriers to entry, these markets have some of the lowest retail vacancy rates in the state. Retail investors are starting to catch on to the strength of these markets, and we are seeing excellent investment opportunities in this region.”
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate investment trust in the United States. The company's core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments. Through its subsidiary LNR Property, LLC, the company also operates as the largest commercial mortgage special servicer in the United States.
About SilverCap Partners
SilverCap Partners is a real estate private equity firm focused on the southeastern United States. The firm's expertise crosses multiple property sectors with a predominant focus on industrial, retail and office investments. Visit silvercappartners.com for more information.
About Burton Property Group, LLC
Burton Property Group, LLC is a full service commercial real estate development and property management firm located in Mobile, Alabama. The company’s portfolio includes: Schillinger Town Center, Westwood Plaza, BB&T Financial Plaza, Springhill Village, Jubilee Square, Foley Square and McKenzie Village. For more information call 251-380-7241 or visit burtonpropertygroup.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.