Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Starbucks (the “Property” or “Asset”) located at 2991 South Blue Angel Parkway, in Pensacola, FL. The newly constructed quick-service restaurant is ideally situated on a Walmart Super Center out-parcel, benefiting from the store’s annual foot traffic of 1.9 million visits. The building totals 2,365 SF across 0.85 acres and features a 10-year lease, subject to multiple renewal options.
The Property features a landlord-favorable double net lease with 10.0% rent escalations every five years and six, five-year extension options. The Asset benefits from residential density in a commercial corridor and is near many notable locations such as Pensacola Naval Air Station, University of West Florida, Pensacola State College, and the Gulf of Mexico.
Situated along a growing retail corridor, the Property experiences visibility from multiple easily accessible thoroughfares with high traffic counts of 22,000+ VPD on average. In addition, the Property is anchored by a highly-visited Walmart and is steps from Target, ALDI, Dollar Tree, and Tractor Supply Co.
- Ideally situated on Walmart Super Center outparcel
- Florida is a top 10 fastest growing and business friendly states in the U.S.
- Investment grade tenancy - Starbucks (S&P: BBB)
- 99% occupancy rate and 16.1% rent growth since 2019 in the retail submarket
- 3.6mm annual visits to the Walmart and adjacent Target per placer.ai
- Brand new construction featuring a drive-thru
- Desirable long term 10-year NN lease subject to 6 x 5-year renewal options
- 1,500 apartment units within a 3-mile radius of the Asset
- Property is steps from Target, ALDI, Dollar Tree, and Tractor Supply Co