8990 Pensacola Blvd Pensacola, FL 32534
- 43,462 Square Feet
- For Sale
Sean Glickman, CCIM, with the Milano–Glickman Retail Team and Executive Managing Director at Colliers International is proud to offer for sale Palafox Square, a 43,462 SF Walmart Supercenter shadow anchored shopping center located in Pensacola, Florida. The property is 100% occupied by an impressive line-up of five (5) national, credit-worthy tenants, four (4) of which (93% of the GLA) that have a track record of success at this location since the shopping center was built in 2002. This is an excellent opportunity for an investor to acquire a stabilized shopping center that is shadow anchored by Walmart Supercenter and boasts an ideal national tenant roster with a high historical occupancy.
Impressive Tenant Roster Comprised Entirely of National Retailers
- The property is 100% occupied by national tenants and has been since the property was built in 2002.
- All leases are corporately guaranteed except for AT&T, which is leased to Prime Communications L.P., the largest privately held AT&T authorized retailer in the U.S. that has more than 600 locations across 22 states.
- The owner will stand to benefit from stable income from credit-worthy tenants.
Long Track Records of Success and High Historical Occupancy
- Four (4) of the five (5) tenants have been occupying their space since the property was built in 2002.
- These four (4) tenants represent 93% of the GLA and 91% of the Potential Gross Revenue.
- Office Depot recently exercised their five (5) year option and Dollar Tree just renewed for ten (10) more years, both showing commitment and dedication to this location.
- Cato, Shoe Show, and AT&T have also continually renewed their options.
Strategic Location in High Traffic Corridor
- The property benefits from a high volume of traffic coming to and from Walmart Supercenter, a true retail destination in the community.
- The location allows for regional draw and access as it is positioned just south of a major intersection, Pensacola Blvd (43,000± VPD) and E 9 Mile Rd (30,500± VPD).
- There is an agglomeration of national big-box retailers surrounding this intersection, solidifying its standing in the submarket as the dominant retail corridor.
Excellent Fundamentals for Continued Retail Use and Replicability of Tenants
- Given the high occupancy levels in the retail submarket (98% in Q4 of 2017), any vacancy at this property will be a rare opportunity for retailers to enter the market or relocate from their current space.
- The unit sizes, in current format, are ideal and fit the space requirements of a wide variety of retailers.
Stable Rent Roll With Future Upside PotentiaL
- The property is fully leased with consistent cash flow and built-in rent increases.
- Office Depot rent significantly increases in 2022.
- Leveraged Internal Rate of Return (IRR): 17.79%
Property Status: For Sale
Building Size: 43462 Square Feet
Area Available: 43,462 Square Feet