Destin retail building sold for $5.5 million
Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a dual-tenant, 9,170-square-foot retail building occupied by Advance Auto Parts and Starbucks. Located at 34881 U.S. Highway 98 in Destin, the recently built property was developed on the site of a former TGI Friday’s.
The property was purchased by a Phoenix, Arizona-based individual investor who was represented by Associate Director Jason Long in Stan Johnson Company’s Atlanta office.
“This property offered excellent fundamentals and was a perfect fit for the buyer,” Long said. “It is strategically located on the area’s main thoroughfare, and the property benefits from the large tourist population that Destin receives annually, not to mention the strong local population.”
The seller, Southeastern Retail Development, was a developer based in Atlanta. The property sold for $5.5 million at a 5.85 percent cap rate. Long-term net leases are in place for both tenants, and the sale closed on Feb. 12.