Chemstrand Rd (Pensacola, FL)_Property for Sale

9701 Chemstrand Road, Pensacola, FL, 32514, US

Chemstrand Rd (Pensacola, FL)

Asset Description

Jones Lang LaSalle Americas, Inc. is pleased to offer the sale of 9701 Chemstrand Road, a prime multifamily development opportunity located in the dynamic city of Pensacola, Florida. Totaling ±7.05 acres and positioned near Pensacola's heavily traveled roadways, the Site is well-connected to the array of economic drivers in the market. The Property is situated just off of E 9 Mile Road (US Highway 90 ALT) near US Highway 29, prompting easy access to Interstate 10. With close proximity to leading employers in the Florida Panhandle, including a dominant local presence of healthcare, education, and retail, viability of the Site is favorable.

The Property offers immediate access to strong retailers within a 5-minute drive including Publix, Target, Walmart (two locations), and Kohl's. Within a 20-minute drive the area encompasses three hospitals totaling nearly 1,350 beds and 11,500 employees, three colleges totaling more than 27,400 students and 4,600 employees, the Ferry Pass retail hub amassing 6.7 million square feet of inventory, and the expanding Pensacola International Airport. Additional nearby employment drivers include Navy Federal Credit Union Operations, Ascend Performance Materials, and the Ellyson Industrial Park.

Multifamily development activity in the area is being experienced on the west side of Interstate 10 along 9 Mile Road, located over 5.5 miles from the site. Confined from the new units entering the submarket and with stable rental rates supporting development, this site presents an ideal opportunity to capitalize on the mature economic landscape and robust tenant profile that exists in the trade area. The land use code on the Site is multifamily and development is allowable up to 176 units.

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Attributes

Land area gross

7.05 acres

Zoning

HDMU

Media

Investment Highlights

DOMINANT HEALTHCARE PRESENCE

Totaling nearly 11,500 employees and 1,350 beds, three hospitals are located near the Site including HCA Florida West Hospital (~4.3 miles, 515 beds, 1,200 employees), Baptist Hospital (~6.3 miles, 264 beds, 5,434 employees), and Ascension Sacred Heart Pensacola (~7.5 miles, 566 beds, 4,820 employees). Notably, Baptist Hospital was a $650 million development that completed in 2023, and Ascension recently announced plans on a new $30 million, three-story inpatient rehabilitation facility to break ground early 2025.

ROBUST TALENT PIPELINE

Fueling the local workforce, there are several higher education options proximate to the Site: University of West Florida (~3.4 miles, 2,447 employees, 14,343 students), Pensacola Christian College (~5.8 miles, 1,584 employees, 4,500+ students), and Pensacola State College (~8.0 miles, 600 employees, 9,600 students). Within a 3-mile radius of the Property, educational attainment remains strong with 31.5% of the population holding a bachelor’s degree or higher, in-line with the broader Pensacola MSA.

EXPANSIVE RETAIL SURROUNDING

The Site provides immediate proximity to strong retailers including Publix, Target, Walmart (two locations), and Kohl's. All sit within a 2.5-mile distance from the Property. Conveniently, the Site is also near the Ferry Pass retail hub. Beginning ~5.0 miles from the site, major retailers include JCPenney, T.J. Maxx, HomeGoods, BJ's Wholesale, Sam's Club, Academy Sports + Outdoors, Hobby Lobby, Lowe's, and Home Depot. Also, the Cordova Mall (Dillard's, DICK's Sporting Goods, Best Buy, Belk) is located ~7.6 miles from the Site.

POPULOUS LOCAL WORKFORCE

Well-positioned near top employers, the Site attracts a strong tenant base from a variety of job industries. Financial company, Navy Federal Credit Union has a campus located just ~5.4 miles from the Site and employs 9,188 workers. Aerospace & engineering employers include ST Engineering (~8.2 miles, 200 employees), and Vertex Aerospace (~11.4 miles, 240 employees). Health services firm, LifeView Group is a ~8.3-mile drive and has 1,199 employees. Manufacturing also holds a large area footprint with Ascend Performance Materials (~4.2 miles, 1,288 employees), GE Vernova (~7.7 miles, 700 employees), International Paper (~7.4 miles, 600 employees), Overhead Door (~3.6 miles, 385 employees), and Buffalo Rock (~5.0 miles, 105 employees).

IDEAL CONNECTIVITY

Situated just off E 9 Mile Road/US Highway 90 ALT (41,500 VPD), the Site benefits from connectivity via US Highway 29 (40,500 VPD) ~1.2 miles away and Interstate 10 (89,000 VPD) ~3.0 miles from the Site, allowing for easy transportation to Downtown Pensacola, Pensacola Beach, and Mobile.