Dorsey Development Buys Live Oak Village Shopping Center in Gulf Breeze for $14 Million

Dorsey Development has purchased Live Oak Village Shopping Center, a 107,065-square-foot retail property at 1151 Gulf Breeze Parkway in Gulf Breeze, Florida, for $14 million, Colliers announced Nov. 2. Exposition Properties was the seller.

The price works out to roughly $130.76 per square foot. Colliers brokered the sale on behalf of the seller, while Kuebel Realty Company represented the buyer. United Community Bank originated the acquisition loan.

Deal Team and Financing

Brad Peterson and Whitaker Leonhardt of Colliers represented Exposition Properties. Chris Dozier of Kuebel Realty Company represented Dorsey Development. Michael Matthis of United Community Bank originated the loan.

Leonhardt, executive vice president of Colliers, said changing debt market conditions were a central consideration in the transaction. "Navigating a changing debt market was a key consideration throughout the transaction," Leonhardt said. "We were selling this for a long-term family office owner and it was imperative that Colliers communicated with all parties on the evolving debt market conditions. The buyer secured a reliable source of acquisition financing to support the closing."

Property and Tenant Profile

Live Oak Village Shopping Center is anchored by a dual-branded Bealls and Home Centric store. Other tenants include Highpoint Church, the YMCA and Dollar General. Bealls has operated at the center for 28 years, and Home Centric joined in 2022.

Together, Bealls and Home Centric occupy approximately 25,000 square feet, or roughly 23% of the center, at a blended base rent that Colliers described as well below market rates, offering an opportunity for future rent growth. The property also includes vacant space and an outparcel.

The center is surrounded on three sides by Pensacola Bay and on the fourth side by the Live Oak Nature Preserve.

Gulf Breeze Market Context

Gulf Breeze is a barrier island between Pensacola and Pensacola Beach. Peterson, vice chairman of Colliers, said the community has limited land available for development or redevelopment. "Gulf Breeze is a barrier island between Pensacola and Pensacola Beach, with complete barriers to entry and almost no available land for development or redevelopment," Peterson said. "This center's location in the affluent coastal community of Gulf Breeze, coupled with limited land availability and barriers to new development, add to its long-term potential for the buyer."

Broader retail data for the area shows a 5.4% retail vacancy rate for the South region in 2025, down from 7.0% in 2020 but up from 4.9% in 2024. The figure is regional and not specific to Live Oak Village.

Asking cap rates on other Gulf Breeze retail listings range from roughly 5.12% to 7.65%, including a nearby 3,200-square-foot mixed-use property at 913 Gulf Breeze Parkway marketed at approximately 4.78%. Those figures reflect asking prices rather than closed sales and are not direct comparables for Live Oak Village.

Buyer's Plans

Headquartered in New Orleans, Dorsey Development is an integrated commercial real estate company with property throughout the Gulf Coast and owns similar properties across the region. The company has developed more than 2.3 million square feet of retail space for national retailers.

Peterson described the buyer as a private, hands-on owner. "This property was a great fit for the buyer, who is a private, hands-on owner who will continue to operate the property well, including leasing vacant space, improving the merchandise mix, developing the outparcel and elevating the property's positioning in the area," Peterson said.

The acquisition adds to Dorsey Development's Gulf Coast retail holdings, with planned activity at Live Oak Village including leasing, merchandising and outparcel development.

Sources

• Colliers: Colliers brokers $14 million sale of shopping center in Gulf Breeze, FL