11394 US Highway 98 W
Miramar Beach, FL 32550
Destin Village Shoppes · Retail Property For Sale

The Village Shoppes is strategically located on U.S. Highway 98, with excellent visibility and access to over 54,000 vehicles per day. U.S. Highway 98 serves as the main route along Florida’s Emerald Coast and connects Destin to downtown Pensacola. Located in a dense retail corridor, the property is surrounded by major national retailers and large shopping centers, luxury residential developments, popular tourist attractions and recreational areas, including several golf courses and resorts, marinas, and Henderson Beach State Park. Built in 2007, the Property is situated on a 1.93 acre site, 0.5 miles west of the Silver Sands Premium Outlets, a 465,000 square foot, upscale outlet center home to over 100 stores including Ann Taylor Factory Store, Coach, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Nike, and Saks Fifth Avenue. The property is also located just west of the Sandestin Golf and Beach Resort and 3 miles east of the Paradise Key at Kelly Plantation and Destin Commons; a premier open-air lifestyle center and power center featuring major national retailers including: Ross, Publix, Bass Pro Shops, Bed Bath & Beyond, and AMC Theatres, to name a few. Other notable tenants near the property include Walmart Supercenter, Home Depot, Whole Foods, Lowe’s, Best Buy, PetSmart, Ulta, The Fresh Market, and many others. The property was re-developed in 2017 after the center’s former furniture store anchor tenant relocated to its brand new build-to-suit location down the road. The premier location and highly sought after space was released with minimal downtime and is primed for growth with new leases from some of the area’s top tenants. The landlord was very selective in re-tenanting the center which is evident in the quality of tenants on the rent roll. The property serves the nearby communities of Destin, South Walton, Panama City and Pensacola. According to the Florida Department of Environmental Protection, over 80% of the Emerald Coast’s 4.5 Million annual visitors visit Destin. Additionally, the property benefits from a wealthy customer base, with average household incomes exceeding $100,000. The Property is being offered free and clear of debt at a 7.04% cap rate totaling $8,300,000.