March 31, 2023; Pensacola, Florida – CoStar Group, Inc., the leading provider of commercial real estate information, analytics and online marketplaces, recently announced the its Impact Awards for 2022 transactions. The CoStar Impact Awards honor exceptional commercial real estate transactions and projects completed in 2022. The awarded projects have substantial influence in neighborhoods or submarkets across 128 major markets in the United States, Canada and the United Kingdom. Beck Partners is proud to announce that it was awarded an Impact Award in the Pensacola market for the office sale transaction of One Pensacola Plaza in which Stacy Taylor represented the Buyer (Bayfront Capital Partners). This Sale is the largest ever office transaction west of Tallahassee.
At 115,000 SF, this Class A office building located at 125 W. Romana Street is downtown Pensacola’s largest office building and home to over 15 regional and national tenants. Bayfront Capital Partners acquired the property from an affiliate of Duckworth Realty (Jackson, Mississippi) for $19,000,000 ($165/SF).
At the time of purchase One Pensacola Plaza was 97% leased, and featured a mix of legal, governmental, and financial services tenants. This acquisition expands the Buyer’s growing footprint in the Southeast, where it has been an increasingly active buyer of office and multi-family properties. Despite fears at the outset of the Pandemic, office vacancy rates in Pensacola have performed well. Since 2021, the area’s vacancy rates have hovered at or near 4% indicating confidence in the office market outlook. Today, the property is 100% leased.
Beck Partners will also assume leasing and management of the property.
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About Beck Partners
Beck Partners is a full-service commercial real estate and property management firm serving clients throughout the Southeast. Our unique combination of services allows our team to collaborate openly, share ideas, and provide solutions that help our clients in a way that few other firms can. Founded in 1981 as a commercial real estate firm established by Gregg Beck, our forward-thinking firm was built on a firm foundation of strong principles. Our vision is to create opportunities, and our mission invests in innovative partnerships to forge successful futures for our clients and the communities in which we do business. We do this by recruiting and developing the best people, securing our clients’ best interests, and investing in our communities.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Realla is the UK’s most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of approximately 4,900 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.