"We have an exciting opportunity to bring new developments to our vibrant and growing downtown."
Pensacola, Florida (PRWEB) October 14, 2014
A primary business block in the core of the Palafox Historic District is now under contract. One Palafox Place, LLC, a group of investors managed by Robert B. Switzer, has entered into a contract with Durnford Enterprises, Ltd, to purchase the city corner bound by Garden, Palafox, Romana, and Baylen Streets.
Durnford Enterprises, Ltd, founded by Crawford Rainwater, Sr., acquired the property in 1980. When Rainwater purchased the property, it was in run down condition. His investment coupled with the vision of his wife Betty, and son-in law Ken Woolf, produced its beautiful restoration.
The entire parcel set to switch hands is approximately 4.5 acres. It includes a parking lot on the west side of Baylen Street and two Pensacola landmarks – the historic Blount and Brent buildings, currently occupied by popular retail shops and restaurants. The pending acquisition carries special significance for Switzer, the great-grandson of F.C. Brent, for whom the building is named.
“We have an exciting opportunity to bring new developments to our vibrant and growing downtown, and we look forward to continuing this block’s tradition of being right in the center of the action,” said Switzer.
The property is set to close at the end of April 2015. Switzer says his group will honor all current tenants’ leases and contracts for their full term, emphasizing they should carry on business as usual and expect a seamless transition.
This isn’t the first investment in downtown Pensacola for Switzer. He acquired the Theisen building in 2012.
For more information, contact Chuck Tessier at (828) 273-2363 or Ctessier(at)tessierassociates(dot)com.