Stirling Properties pays $25.7m for Santa Rosa Commons

Stirling Properties bought a Publix-anchored retail center in Pace, Florida, for $25.7m. Built in 2008, Santa Rosa Commons offers 138,850 sq ft. Its tenant mix includes T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. The center is shadow anchored by Target and Home Depot. JLL Capital Markets team represented the seller, whose name was not disclosed.

“Santa Rosa Commons is a high-performing retail destination in the Florida Panhandle anchored by a strong-performing Publix and complemented by the other large national tenants,” said Brad Peterson, senior managing director at JLL. “The Pensacola retail market continues to perform well relative to many other markets in the Southeast, primarily driven by Pensacola’s low unemployment rate; high barriers to entry because of the geography and the continued growth of the military, healthcare and tourism industries.”