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PANAMA CITY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.1 million sale of Bay City Point, a 121,413-square-foot shopping center located at 500 E. 23rd St. in Panama City. The center’s tenant roster includes Hobby Lobby, Burlington, Five Below, Skechers and Ulta Beauty. Zach Taylor of IPA represented the seller, Rome, Ga.-based Ledbetter Properties, in the transaction. The buyer was not disclosed.
“Demand remains strong for well-located retail projects with strong credit,” said Taylor. “Interest rates remain a headwind, but property-level fundamentals are as strong as ever.”