Illinois-based CenterCore Properties added to its growing portfolio of Destin-area properties with the purchase of Destin‘s Palms Station for $4.005 million in Dec. 2019.
DESTIN — Another Destin-area property is in the books for CenterCore Properties.
Okaloosa County property records show CenterCore, based out of Evanston, Illinois, purchased the Palms Station retail center (985 Highway 98 East) on Dec. 9, 2019, for $4.005 million, making it the company‘s fourth recent acquisition in the Destin market.
CenterCore announced the purchase on Monday.
“Palms Station is a strong addition to our portfolio of high-quality assets in the Destin area,” said CenterCore Vice President Rob Duncan in a press release. “Its irreplaceable location and internet-resistant tenant base, combined with the area’s strong growth, made this a compelling and synergistic investment opportunity.”
Palms Station is 20,000 square feet and home to tenants such as Just Love Coffee, Nothing Bundt Cakes and Que Pasa Mexican Kitchen & Tequila.
CenterCore started off its move into the Destin market in Aug. 2017 with a pair of purchases — The Island Palm Shoppes (16055 Emerald Coast Parkway) for $6.25 million and Runway Plaza (1251-1257 Airport Road) for $2.573 million.
CenterCore's biggest purchase in the area was actually a property in Walton County — The Market Shops (9375 Emerald Coast Parkway), a 53,000-square foot property in Miramar Beach they bought for $14.866 million in Aug. 2018.
The purchase of Palms Station brings CenterCore's total purchases in the Destin area to $27,739,300 over the last three years, and pushed the total square footage for the properties to past the 100,00-square foot mark at 113,00 square feet of retail/mixed use space.