Dorsey Development has expanded its Gulf Coast retail portfolio with the acquisition of Live Oak Shopping Center in Gulf Breeze, FL. Exposition Properties sold the 107,065-square-foot property for $14 million. The open-air center is located at 1151 Gulf Breeze Parkway, a corridor serving the local community and nearby coastal neighborhoods.
Live Oak Shopping Center, also referred to as Live Oak Village Shopping Center, is framed by distinctive natural surroundings. Pensacola Bay borders the property on three sides, while the Live Oak Nature Preserve lines the remaining edge, giving the retail asset a unique setting within the Gulf Breeze market.
The center is anchored by a dual-branded Bealls and Home Centric store. Together, the two concepts occupy approximately 25,000 square feet within the project. According to the transaction details, the anchor space is leased at a blended base rent that is well below prevailing market levels, creating a clear opportunity for future rent growth as leases roll or are repositioned.
On the capital markets side, multiple intermediaries played roles in completing the transaction. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller, Exposition Properties, in the disposition. On the buy side, Chris Dozier of Kuebel Realty Company represented Dorsey Development in its acquisition of the asset, helping to structure and execute the trade.
Debt financing for the purchase was provided by United Community Bank. The loan was originated by Michael Matthis, supporting the transfer of ownership to Dorsey Development. While specific loan terms were not disclosed, the involvement of a regional bank lender underscores the availability of debt capital for stabilized retail centers with strong anchors and embedded upside.
Dorsey Development, headquartered in New Orleans, is an integrated commercial real estate company focused on the Gulf Coast. The firm holds properties throughout the region and has developed more than 2.3 million square feet of retail space for national retailers. The addition of Live Oak Shopping Center further aligns with its retail-focused strategy along the Gulf Coast corridor.
With an established anchor lineup, below-market anchor rents, and a waterfront-adjacent location surrounded by natural amenities, the center offers its new owner both current income and the potential to capture incremental value through future rent adjustments.
