RE/MAX Commercial Brokers, Inc. is pleased to announce the New Orleans-based equity investment group Five R Investments, LLC has acquired the 4 story Class B Office Building (One University Plaza) at 7282 Plantation Road and the neighboring retail and theater complex at 7280 Plantation Road in Pensacola, Florida for redevelopment.
Richard Juge, CCIM, SIOR, is CEO of RE/MAX Commercial Brokers who recognized the opportunity and coordinated the investment group’s multi-million-dollar acquisition. Plans are to convert the retail space and theater into Office/Medical space to create a larger office complex.
“The property is located at Pensacola’s highest trafficked intersection of I-10 and I-110 and we see it as the center point of the metro area. This is an emerging market that has had thousands of new office jobs announced in the last year and more coming. We see this as a rare opportunity to redevelop a property that’s been neglected in recent years and put it back in commerce as the most accessible office complex in town,” stated Juge.
Escambia County District 4 Commissioner Grover Robinson added, “Escambia County is very excited to have Five R Investments redeveloping property around University Town Plaza. We feel the redevelopment when finished will benefit both our citizens and taxpayers, and we look forward to seeing the finished product.”
Beck Partners Holdings, LLC in Pensacola has been retained to market and lease the remaining area including 25,000 square feet on the first floor of the complex.
Senior Vice President of Beck Partners David Valletto, SIOR describes the plans for the properties. “The acquisition of these properties offers a unique opportunity to redevelop a highly desirable location and bring it a fresh start. We believe that with extensive renovations, including demolition of out-of-date buildings along
with the site improvements, the property will become a destination location. Potential tenants could include office, medical and destination retail.”
“Anytime a top tier group is willing to invest in the Pensacola area it is a testament to the viability of the community and the health of our economy,” added Scott Luth, Chief Executive Officer, FloridaWest Economic Development Alliance.