Press Releases
Marcus & Millichap Brokers $8.2M Sale of Panama City Retail Center
April 09, 2025
PANAMA CITY, Fla., April 9, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Shops at Bay City Point, a newly built Class A retail center in Panama City, Florida. The asset sold for $8.2 million.
“Bay City Point is a newly constructed Burlington and Hobby Lobby power center,” said Zach Taylor, senior managing director. “Last year, we sold the junior boxes to a net-lease REIT. This closing involved the adjacent shop space. By bifurcating the center into two sales, we created more than 50 basis points of cap rate compression for our client.”
Zach Taylor, Robby Pfeiffer and Eric Abbott, investment specialists in Marcus & Millichap’s Atlanta office, represented the seller, a developer from Rome, Georgia. Brian Munn, also based in the Atlanta office, procured the buyer, a Georgia-based private investor. Ryan Nee is Marcus & Millichap’s broker of record in Florida.
Shops at Bay City Point is a fully occupied, 21,540-square-foot retail center located at 500 and 560 Hawkins Ave. Built in 2023, the property is part of a newly developed 24-acre retail hub. Tenants include Xfinity, Vitamin Shoppe, Smile Doctors and Chicken Salad Chick.
Positioned at one of Panama City’s busiest intersections, the center sits across from the Panama City Mall, a 600,000-square-foot site undergoing redevelopment into a mixed-use destination with retail, office, multifamily and hotel spaces.
“Bay City Point is a newly constructed Burlington and Hobby Lobby power center,” said Zach Taylor, senior managing director. “Last year, we sold the junior boxes to a net-lease REIT. This closing involved the adjacent shop space. By bifurcating the center into two sales, we created more than 50 basis points of cap rate compression for our client.”
Zach Taylor, Robby Pfeiffer and Eric Abbott, investment specialists in Marcus & Millichap’s Atlanta office, represented the seller, a developer from Rome, Georgia. Brian Munn, also based in the Atlanta office, procured the buyer, a Georgia-based private investor. Ryan Nee is Marcus & Millichap’s broker of record in Florida.
Shops at Bay City Point is a fully occupied, 21,540-square-foot retail center located at 500 and 560 Hawkins Ave. Built in 2023, the property is part of a newly developed 24-acre retail hub. Tenants include Xfinity, Vitamin Shoppe, Smile Doctors and Chicken Salad Chick.
Positioned at one of Panama City’s busiest intersections, the center sits across from the Panama City Mall, a 600,000-square-foot site undergoing redevelopment into a mixed-use destination with retail, office, multifamily and hotel spaces.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
