Colliers Brokers $14 Million Sale Of Shopping Center In Gulf Breeze, FL
Colliers has brokered the $14 million sale of Live Oak Village Shopping Center, a 107,065-square-foot retail center located at 1151 Gulf Breeze Parkway in Gulf Breeze, FL. Exposition Properties sold the property to Dorsey Development, which owns similar properties throughout the region.
Brad Peterson and Whitaker Leonhardt of Colliers represented the seller. Chris Dozier of Kuebel Realty Company represented the buyer. Michael Matthis with United Community Bank originated the loan.
“Gulf Breeze is a barrier island between Pensacola and Pensacola Beach, with complete barriers to entry and almost no available land for development or redevelopment,” said Peterson, vice chairman of Colliers.“This center's location in the affluent coastal community of Gulf Breeze, coupled with limited land availability and barriers to new development, add to its long-term potential for the buyer.”
Surrounded on three sides by Pensacola Bay and the fourth side by the Live Oak Nature Preserve, Live Oak Village Shopping Center is anchored by a dual-branded Bealls and Home Centric, Highpoint Church, YMCA and Dollar General. Bealls has operated at the center for 28 years. Home Centric joined the center in 2022.
Together, the two brands occupy approximately 25,000 square feet at a blended base rent well below market rates, offering an opportunity for future rent growth.
“This property was a great fit for the buyer, who is a private, hands-on owner who will continue to operate the property well, including leasing vacant space, improving the merchandise mix, developing the outparcel and elevating the property's positionining in the area,” said Peterson.
Headquarterd in New Orleans, Dorsey Development is an integrated commercial real estate company with property throughout the Gulf Coast. The company has developed over 2.3 million square feet of retail space for national retailers.
“Navigating a changing debt market was a key consideration throughout the transaction,” said Leonhardt, executive vice president of Colliers.“We were selling this for a long-term family office owner and it was imperative that Colliers communicated with all parties on the evolving debt market conditions. The buyer secured a reliable source of acquisition financing to support the closing.”
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