Pensacola retail center sells

ORLANDO, Oct. 27, 2022 – JLL Capital Markets announced today that it has closed the sale of Pensacola Square, a 142,767-square-foot retail center in Pensacola, Florida.

JLL represented the seller, an affiliate of Atlanta, Georgia-based RCG Ventures, LLC. A private south-Florida based family office acquired the asset.

Completed in 1986 and renovated in 1995, Pensacola Square is a 95-percent-occupied shopping center anchored by Big Lots, American Freight Outlet, Beall’s Outlet, and Petland, and is shadow-anchored by the second most visited Hobby Lobby in the state of Florida.

Located at 6235 North Davis Highway, in the largest MSA in the Florida Panhandle, Pensacola Square is situated in the heart of the most infill super regional retail trade area in the Florida panhandle and serves an expanded, 25-mile trade area. Pensacola is also home to the largest concentration of aviation, aerospace and defense assets in the world, in addition to three of the largest college campuses in northwest Florida.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt.

“This is our team’s third shopping center sale in the Florida Panhandle so far in 2022 with a few more in process. Many national retailers have well-above average store sales performance and visitor traffic in the region, which translates into a very healthy and stable retail market with rent upside,” said Peterson. “The investors that have taken the time to understand what is happening on the ground and buying are really going to be rewarded over the next several years.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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RCG Ventures, LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the Continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.