Florida Panhadle Mall Sells For $52M

The Santa Rosa Mall, a 750,000 sq. ft. Emerald Coast-area enclosed mall, has been sold to Radiant Partners LLC. The 27-year old mall, located between Pensacola and Destin on the Florida panhandle, is anchored by Sears, Dillards, McCrae’s and JC Penney. "The merchandise mix at the mall will continue to benefit from the demographics and growth projected for this location on the Emerald Coast," says Anne Zahner of Radiant Partners. She adds that the Santa Rosa Mall is similar in many ways to the 20 or so mid-market malls that Radiant has bought, sold or repositioned over the past five years. "These are all solid and stable, but in this case with very nice growth on the horizon," she says. LJ Melody worked as an advisor in the sale and financing of the property for previous owner Jim Wilson & Associates. Jones Lang LaSalle handles the leasing and management assignments. "We are very pleased to work with Radiant Partners to bring Santa Rosa Mall into its full potential and to increase the value of this promising asset," says Gregory Maloney, president of Jones Lang LaSalle’s retail group.