Northmarq Brokers 1031 Exchange of Fort Walton Beach, Florida Shopping Center for $8.4 Million

Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Beal Commons, a multi-tenant shopping center located at 575 Beal Parkway Northwest in Fort Walton Beach, Florida. Beal Commons totals 15,982 square feet and is leased to strong national retailers. Northmarq’s Chase Dominguez represented the seller, a Fort Walton Beach, Florida-based developer. The property was acquired for $8.4 million by an individual investor out of Arizona. Both parties were involved in 1031 exchanges. 

“Situated within a growing Florida market, strong credit and a diversified tenant mix made this center a highly appealing opportunity,” said Dominguez, Associate in Northmarq’s Atlanta, Georgia office. “Timely tenant renewals coupled with the fierce appetite of investors for multi-tenant retail this year has provided us with an ideal scenario to get this deal sold.” 

The shopping center was built in 2006 and renovated in 2019. Tenants include Starbucks, FedEx Office, Verizon and Ruby Tuesday. Situated on 3.04 acres, Beal Commons has the best commercial corner in Fort Walton with great visibility and access at the intersection of Beal Parkway and Mary Esther Cut Off. The site benefits from a dense residential population, as well as significant tourist traffic. Nearby national tenants including Publix, Walmart, Chick-fil-A, Lowe’s, T.J. Maxx and more.