Bayfront Capital Acquires One Pensacola Plaza
Duckworth Realty sold the One Pensacola Plaza office building at 125 W. Romana St. in Pensacola, Florida, for $19 million, or over $165 per square foot, to Bayfront Capital Partners.
The eight-story, 114,960-square-foot property was 97% leased to multiple tenants at the time of sale, which closed at a proforma capitalization rate of 7.4%.
The seller handled the deal in-house. Stacy Taylor with Beck Partners CRE represented the buyer.
Beck Partners, an affiliate of Bayfront Capital Partners, has been retained to handle leasing and management at the property. It also occupies space in the building.
The office was built in 1985 on 3.2 acres in the downtown Pensacola market of Escambia County.
Please see CoStar COMPS #6133274 for more information on this transaction.