19,700 SF Shoppes at Milestone center anchored by Publix
Pensacola, FL – February 3, 2016 – (RealEstateRama) — Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of grocery-anchored retail properties in the United States, announced today its acquisition of the Shoppes at Milestone, a fully-leased shopping center located in an emerging neighborhood of Pensacola, Florida at 2144-2176 West Nine Mile Road.
WFC purchased the Publix shadow-anchored shopping center from C-III Asset Management. Further details of the transaction were not disclosed. Shoppes at Milestone joins WFC’s Southeast portfolio of more than 20 shopping centers, as the firm’s seventh Florida property.
“Pensacola is an area that is benefiting from Florida’s post-recession growth firsthand,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “The Shoppes at Milestone is well-positioned within an exclusive community. As such, the acquisition provides an opportunity for WFC to expand our presence in this emerging market, and fits well with our other investments in the state—particularly those on the northwest panhandle, where tourism leads the market and grocery-anchored retail centers thrive.”
Shoppes at Milestone features a variety of local and national tenants, including H&R Block, Jersey Mike’s Subs, Cricket Wireless, Enterprise Leasing, Hot Heads Burritos and the UPS Store. The center is easily accessible, with two exits in a mile radius off of Pensacola’s primary thoroughfare, Interstate 10. Pensacola is one of Florida’s prime tourist destinations, and boasts a population of 54,000, with an additional 408,000 residents in the surrounding two-county area.
WFC represented itself in the transaction; and Bruce Lyons, senior managing director and Brian Carolan, director of Crossman & Company, represented the seller.
Westwood Financial Corp. is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning over 44 years. Founded in 1970, WFC is a fully integrated real estate investment firm that acquires, leases, and manages its portfolio of more than 115 shopping centers and retail properties in 28 metropolitan markets. The firm is based in Los Angeles, with satellite offices in Atlanta, Dallas and Scottsdale, Arizona. For general information, please visit www.westfin.com and for leasing and property information, please visit www.westfinleasing.com.