Pensacola, Florida – We have information today on a Tenant using their option to purchase the property they had previously leased. More often than not we find that a REIT, or Investment Groups, or Pension Funds purchase triple net lease properties. However in Pensacola, Florida, the latest news is that a Retail Shopping Center was acquired by Publix. Publix is the anchor-Tenant of many Retail Shopping Centers across the southeast. Publix does some of their Retail Shopping Center Stores as well as they are an excellent net leased tenant.
We want to report that Publix purchased the ground lease for the retail shopping center at 13390 Perdido Key Drive. This net lease property is known as The Shops at Perdido Key. This Net Lease Property is approximately 53,097 square-feet of net leasing space. It is a Publix-anchored retail shopping center. The net leased property has a Traffic Count of approximately 23,000 cars per day (VPD). J. Raymond Construction Corp. was the Contractor for this attractive commercial real estate development.
The Net Leased Property sold for $7.95 Million. The net lease investment seller was an undisclosed (LLC) limited liability company that was based in Florida. The retail shopping center was built in the year of 2010. Publix had a 20-year absolute NNN ground lease with rent increases in year 11 of the lease. There were also options that could extend the lease up to 80 years on this net leased property. The net leased property benefits from an average Household income of $79,116 within a 1 mile radius. This Retail Shopping Center is a scenic location near the Gulf of Mexico.
Our Net Lease staff receives plenty of inquires from NNN commercial real estate investors seeking absolute NNN Property with a Publix Tenant or Kroger Tenant as anchor in a Retail Shopping Center. We understand this net lease property in Pensacola had a large amount of attention and received numerous offers instantly. These types of NNN lease properties with high quality Tenants are sold quickly even in this economy.
Under this net lease terms, Publix had the first-right of refusal. Once the net lease property was marketed, Publix stepped into the contract and accepted the terms and pricing. Some Commercial real estate brokers are seeing more tenants exercising first rights of refusals or options to buy. A Company such as Publix has large amounts of cash on hand to take advantage of the right commercial real estate deal. So without many new opportunities, as fewer net lease properties are being built, many Companies are investing in available NNN lease properties. Also, NNN Properties are ideal for a 1031 Exchange.
Pensacola is the western city in the Florida Panhandle and the county seat of Escambia County, Florida. As of the 2000 census, the city had a total population of 56,255 and as of 2006, the estimated population was 53,248 driving foot traffic for triple net lease properties. However, the Pensacola–Ferry Pass–Brent Metropolitan Statistical Area, comprising Escambia and Santa Rosa counties, had a population of 439,877.
If you are interested, we offer net leased properties and retail shopping centers across the Country. Triple Net Lease Properties located on primary thoroughfares, in heavy retail corridors make for stable investments. Also, NNN Lease Investments with no Landlord responsibilities, and long term net leases are highly desirable. “NNN” Triple Net Lease Properties can be purchased individually or on a portfolio basis.
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