The new owner of Pine Forest Shopping Center in Pensacola plans to invest significant capital to reposition the property, says the real estate broker who arranged the sale.
Crossman & Company managing director Brian Carolan said the 9 acre property sold for $1.4 million. The broker did not identify the purchaser in the news release.
The 66,827 sq. ft. center at 7859 Pine Forest Rd. previously had a Food World supermarket. Current tenants include Pinch A Penny and Subway.
“The center received significant interest from developers intent on taking advantage of the site’s visibility along Pine Forest Rd. and convenient access to Interstate 10,” said Carolan.