The property traded for $4.2 million more than at its previous sale in 2018.
HS Capital Funds has purchased Pensacola Square, a 142,767-square-foot retail center in Pensacola, Fla., public records show. JLL Capital Markets represented the seller, an affiliate of RCG Ventures LLC. The property traded for $13.3 million, according to the same source, achieving a significantly higher price than at its previous sale in 2018, when it traded for $9.1 million.
Completed in 1986, Pensacola Square was renovated in 1995. The one-story shopping center is anchored by American Freight Outlet, Big Lots, Petland and Beall’s Outlet, baring a 95 percent occupancy rate at the time of the deal.
Located at 6235 N. Davis Highway, the 5.9-acre site is near the conjunction of interstates 110 and 10, in an area where the daily car traffic reaches 33,000 vehicles, according to Commercial Edge data. Downtown Pensacola is 6 miles south of the property, while Pensacola International Airport is 2.7 miles away.
The JLL Retail Capital Markets Investment Sales and Advisory team involved in the deal included Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt. Peterson said in prepared remarks that the transaction marks the team’s third shopping center sale this year in the Florida Panhandle. Earlier this month, the duo also facilitated the $23.5 million sale of a 175,175-square-foot retail center in Altamonte Springs, Fla.
