Panama City Center Sells to Maryland Investor

by Nate Hunter

Panama City, Fla. — The center is in an area with 50,000 people living within 5 miles.

Hickory Plaza was 84 percent leased when it was listed. Panama City, Fla.  — Marcus & Millichap has brokered the sale of Hickory Plaza Shopping Center, a 53,600-square-foot neighborhood center in Panama City, Fla.

The center included Dollar General, Anytime Fitness, Aaron Rents, The UPS Store, Subway and other tenants.

The center was originally listed for approximately $3.9 million. Tim Giambrone, vice president of investments and director of Marcus & Millichap’s National Retail Group in Atlanta, represented the seller, the Shops at Friendship, an Atlanta-based developer. The buyer was a private investor from Maryland. The center was built in 1984 on 6.7 acres. It was approximately 84 percent leased when it was listed.

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