Santa Rosa Commons near Pensacola, Fla.

By NREI Staff
Cole Real Estate Investments has acquired Santa Rosa Commons, a 124,414 sq. ft. regional grocery-anchored retail center in Pace, Fla. for $25.4 million. The seller was Pensacola-based Mpirical Development.

Completed in 2008, Santa Rosa Commons is anchored by a Publix grocery store, TJ Maxx and PetSmart. The sale also included three leased outparcels to Regions Bank, Chili’s and AT&T.

Santa Rosa Commons is located on U.S. 90, approximately 10 miles northeast of downtown Pensacola. U.S. 90 is the most heavily traveled commercial corridor that runs through Santa Rosa County and is a prime location for retailers.

In addition to Target, which shadow-anchors the property, Home Depot is adjacent to Santa Rosa Commons. A Wal-Mart SuperCenter and Lowes Home Improvement are located nearby.

The HFF brokerage team of Brad Peterson and Coler Yoakam represented the seller, Mpirical Development. Thomas Falatko, vice president of acquisitions for HFF, represented Phoenix-based Cole.

Cole-related entities own and manage more than 1,350 properties totaling 47 million sq. ft. of commercial real estate in 46 states with a combined acquisition cost of more than $8 billion.

Founded in 1979, Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with tenants that possess a high credit rating. The investor also pursues single-tenant office and industrial properties.

Cole provides access to commercial real estate investors through its non-traded REITs and other direct investment programs.