Aug 31, 2022

Blue West Capital Arranges Sale of Single Tenant SouthState Bank in Pensacola MSA

MILTON, FL – [August 31, 2022] – Blue West Capital has completed the sale of a single tenant SouthState Bank property located at 6512 Caroline St, Milton, FL for $1,933,000. This is the second single tenant property sold by Blue West Capital within the Pensacola MSA in the past week. The company sold a Joe Hudson’s Collision Center located at 3650 US 90 in Pace, FL for $950,000 on August 25, 2022.

Brandon Wright and Zach Wright, of Blue West Capital, represented both the seller and purchaser in the transaction. The seller was a local investor. The purchaser was a family office based in the Southeast and a repeat client.

The SouthState Bank is strategically located along Caroline Street (US-HWY 90) and is an outparcel to a Food Outlet and Harbor Freight Tools anchored shopping center. Nearby retailers include Walgreens, CVS, McDonald’s, Tractor Supply, Hardee’s, Captain D’s, Dollar Tree, O’Reilly Auto Parts and many others. Milton is approximately 20 miles northeast of downtown Pensacola.

SouthState Bank is a publicly traded company (NASDAQ: SSB) with a $6 billion market capitalization. There are over 300 SouthState Bank locations across Alabama, Georgia, North Carolina, South Carolina, Virginia, and Florida. This location is a strong performing branch with over $107 million in deposits. The property has been a bank for over 30 years and SouthState Bank has been operating there since 2015.

“This property has strong real estate fundamentals and a very low rent and price per square foot compared to most single tenant net lease bank properties,” said Brandon Wright, Associate.

“Bank properties with high branch deposits and strong underlying real estate continue to be heavily sought after amongst net lease investors,” said Zach Wright, Director & Partner.

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