TCII is proud to announce the acquisition of 910 E 23rd Street in Panama City, Florida. A 5,500-square-foot freestanding retail building situated on 1.06 acres along one of the region’s most active commercial corridors.
The property, occupied by Red Lobster, marks TCII’s fourth acquisition and fifth building along the East 23rd Street corridor, further strengthening the company’s long-term investment commitment to the Panama City market.
Positioned directly along East 23rd Street with approximately 35,000 vehicles passing daily, the site sits in the heart of Panama City’s primary retail and hospitality corridor. The property benefits from exceptional visibility, regional access, and proximity to major national retailers, hotels, medical users, and the ongoing redevelopment surrounding Panama City Mall.
“This acquisition continues our long-term belief in the East 23rd Street corridor and the future growth of Panama City,” said Jason Glaser of TCII Capital Group. “We have intentionally continued building density in this market because we believe the corridor is evolving into one of the most important commercial nodes in the Florida Panhandle. And we anticipate the eventual redevelopment of the mall will further improve this specific area.”
The site is surrounded by a strong mix of national retailers and destination traffic drivers including Target, Ross, Home Depot, Publix, TJ Maxx, Best Buy, Lowe’s, Walmart, Panera Bread, and numerous hospitality operators. The corridor has continued to see significant investment and redevelopment activity as Panama City experiences ongoing residential and commercial growth. There is also very limited room for development.
The acquisition also complements TCII’s existing footprint in the market, allowing the company to further leverage its operational, leasing, and asset management platform throughout the corridor.
As part of TCII’s strategy, the company continues to focus on acquiring well-located retail real estate in growing secondary markets where operational execution and long-term vision can create value over time.
The former Red Lobster property presents multiple future opportunities, including repositioning, adaptive reuse, or redevelopment, as TCII evaluates the highest and best use for the site moving forward.
