Milton, FL
Price: $2,150,000
Cap Rate: 6.00%
Status: AVAILABLE

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Blue West Capital is pleased to exclusively present the sale of a single tenant net leased SouthState Bank in the Pensacola MSA.​ The 18,843 square foot property is 100% leased to SouthState Bank (NASDAQ: SSB) and they’re paying below market rent ($6.85/SF).​ The bank has deposits of $107+ million at this location.​ The bank is currently not utilizing the 2nd floor creating a value add opportunity with the short-term leases, significantly below market rents, and unused 2nd floor.​

The property is strategically positioned as an outparcel to a grocery-anchored center that includes Food Outlet, Walgreens, Harbor Freight Tools, and Bealls Outlet.​ There are over 52,000 people living within five miles and the property is just east of the heavily trafficked signalized intersection of Caroline Street (HWY 90) and Dogwood Drive (61,000 VPD).​

  • Located within the Pensacola MSA, one of the largest MSAs in the Gulf Coast Region with over 505,000 people
  • Significantly below market rent of $6.84/SF – see page 8 for rent comparables
  • 100% leased to SouthState Bank, a publicly traded company (NASDAQ: SSB) with a $6 billion market capitalization
  • Value-add opportunity with a short-term lease, unused second floor office space, and significantly below market rents
  • $107+ million in deposits at this location
  • Positioned just east of the heavily trafficked signalized intersection of Caroline Street (HWY 90) and Dogwood Drive (61,000 VPD)
  • Large 1.42-acre parcel
  • Positioned as an outparcel to a Food Outlet grocery-anchored center that also includes Walgreens, Harbor Freight Tools, and Bealls Outlet
  • Approximately 52,000 people living within five miles of the property
  • Priced significantly below replacement cost ($114/SF)
  • Long-term redevelopment upside with a relatively low land cost ($34.75/SF)
  • Florida is an income-tax free state

OFFERING SUMMARY

Price: $2,150,000
Cap Rate: 6.00%

Building Size: 18,843 SF
Land Size:
1.42 AC

INVESTMENT CONTACT

BRANDON WRIGHT
Associate
Investment Sales
720.828.7457
Brandon.Wright@BlueWestCapital.com

ZACH WRIGHT
Director & Partner
Investment Sales
720.966.1628
Zach@BlueWestCapital.com

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2022-06-02T13:23:37-07:00
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