Publix-Anchored Shopping Center in Fort Walton Beach Sells for $8.4 Million

The Shoppes at Paradise Pointe, a 73,416-square-foot retail center in Fort Walton Beach, Florida, has been sold for $8.4 million. The property, situated at the intersection of U.S. Highway 98 and Perry Avenue SE, was acquired by an undisclosed private investor. TSCG, with Anthony Blanco representing, brokered the transaction on behalf of the seller, SITE Centers Corp.

Constructed in 1987, the shopping center maintained an 82.5 percent occupancy rate at the time of the sale. Publix has been the anchor tenant since 2001, providing a stable retail presence. Additional tenants include Great Clips, Mariner Finance, and Painting With a Twist, diversifying the center's offerings. The sale also included two developed outparcels, occupied by Waffle House and Beach Liquors. Strategically located at the mainland approach to Brooks Bridge, which links Fort Walton Beach to Okaloosa Island, the center benefits from its prominent position. This transaction underscores the ongoing demand for well-located, grocery-anchored retail properties, particularly in established Florida markets, offering developers and investors a stable income stream and potential for future value appreciation.