SITE Centers Sells Shoppes At Paradise Pointe Retail Property In Fort Walton Beach For $8.4M
247 Miracle Strip Parkway & 263 Miracle Strip Parkway
$8,400,000
Building Size
—
Asset Type
Retail
Closing
Sep 17, 2026
About this deal
AI
The property asset involved in this transaction is a retail property located at 247-263 Miracle Strip Parkway Southeast in Fort Walton Beach, FL. The sale was completed for a price of $8,400,000 as part of a portfolio divestment strategy by SITE Centers Corp.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,400,000
- Seller: David Lukes
- Seller's Company: SITE Centers
- Transaction Date: 09/17/2026
This transaction involved David Lukes representing SITE Centers in the sale of the Shoppes at Paradise Pointe. The decision to sell this retail property aligns with the company's ongoing strategy to divest from certain assets within their portfolio.
On the Map
$8,400,000
Retail
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Players
Fort Walton Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93