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).