Newmark Knight Frank (NKF) announced today the sale of Pace Crossroads, a 75,904-square-foot shopping center located at 4877 Highway 90 in Pace, Florida. The shopping center is currently 100% leased and is anchored by three major tenants including Dick’s Sporting Goods, Michael’s and Ulta Beauty. Built in 2018, Pace Crossroads is 30 minutes east of Pensacola.
Blackwater Resources sold Pace Crossroads to a private, Mid-Atlantic based investor. NKF Senior Managing Directors Mark Joines and Drew Fleming, along with Associate Henry Kushner, represented the seller.
“Pensacola is one of the fastest-growing Metro areas in the United States and continues to garner significant interest from real estate investors,” said Joines. “Impressive growth combined with a convenient location helped Pace Crossroads generate significant interest from the investment community. The sale signals that well-located big box centers are still in high demand.”
According to the U.S. Census Bureau, Pensacola ranks in the top fifth of U.S. metro areas when measuring percentage of population growth since 2010. The region also saw its job market increase by nearly 2% over the last year, with future growth over the next decade projected to be nearly ten percentage points higher than the national average of 33.5%. Last month the Governor’s office announced that the private-sector industry in Pensacola has seen the most growth in education and health services, with 1,100 new jobs added since 2018. Pensacola was also recently named by U.S. News & World Report as one of America’s top 25 most desirable places to live in 2019.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
