PACE — Stirling Properties, a commercial real estate company, has acquired the Santa Rosa Commons retail center on U.S. Highway 90 in Pace. The sale closed Sept. 11 at a purchase price of $26 million.
This marks the first acquisition for the company in the state of Florida. Stirling Properties will also assume leasing and management duties of the property effective immediately.
“We are thrilled to add Santa Rosa Commons to our growing portfolio of commercial properties across the Gulf South region," said Donna Smith, Stirling's vice president of investment advisors. "This is momentous for Stirling Properties because it marks our first acquisition in the Florida Panhandle and really puts skin in the game for us in this thriving market. We are optimistic in the continued success of the Pensacola metro area and look forward to future growth opportunities.”
Built in 2008, Santa Rosa Commons is located on U.S. Highway 90 in Pace. The 138,850-square-foot open-air shopping center is 96.5 percent occupied and anchored by Publix, T.J.Maxx and PetSmart.
Shadow-anchors include Target and The Home Depot. Other tenants are Maurice's, Shoe Carnival, Anytime Fitness, Sally Beauty, GNC, GameStop, Wasabi House Restaurant, Dr. Vape It, The Joint and Cuts By Us. The purchase also encompassed three single-tenant outparcels housing Chili’s, Regions Bank and AT&T.
“Stirling Properties’ proven track record in acquisitions, along with our in-depth understanding of market dynamics and the positioning of assets allow us to identify unique investment opportunities such as Santa Rosa Commons,”said Beezie Landry, Stirling's vice president of investment advisors. “This is a stable, grocery-anchored retail center that sits on a high-traffic thoroughfare, situated in a dense retail node with excellent visibility. The property is well leased with a great mix of national, regional and local tenants — and we are confident that it will perform well for years to come.”
Stirling Properties has acquired and/or developed more than $2.3 billion in commercial real estate across the Gulf South region totaling nearly 28 million square feet, including retail, office, industrial, healthcare, residential and mixed-use properties.