ORLANDO, June 27, 2022 -JLL Capital Markets announced today that it has closed the $16 million sale of Village Oaks, a 166,245-square-foot, fully leased retail center with an impressive lineup of national anchors in Pensacola, Florida.
JLL marketed the property on behalf of the seller, an affiliate of Atlanta, Georgia-based RCG Ventures, LLC. A South Florida-based family office acquired the asset.
Completed in 1988 and most recently renovated in 2014, Village Oaks is anchored by a best-in-class tenant lineup with Bealls, PetSmart, Planet Fitness and Party City, which, together, account for nearly 73 percent of the property's gross leasable area. The center also boasts a complimentary mix of national and local tenants, including Breeze Nutrition, Cato, Once Upon a Child, Thai 54 and Pensacola ATA Martial Arts.
Village Oaks is situated on 15.3 acres at 6241 N. Davis Hwy. in Pensacola, the largest MSA in the Florida Panhandle and home to the largest concentration of aviation, aerospace and defense assets in the world, in addition to three of the largest college campuses in northwest Florida. The center is in a highly visible location along North Davis Highway in the heart of the most infill super regional retail trade area in the Florida panhandle and serves an expanded, 25-mile trade area that includes 154,000 residents within a five-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt.
"Retail stores in the Florida 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," Leonhardt said. "There are 20 to 50 miles between major retail nodes in Mobile, Alabama, Pensacola, Destin, Panama City and Tallahassee.
"Village Oaks in Pensacola is an example of that dynamic, where the retailers are ranked among the top in the state of Florida for foot traffic and have sales volumes that are exceeding pre-pandemic performance," he added. "Investors who capitalize on shopping center acquisitions with this dynamic will be happy they invested in the Florida Panhandle."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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