Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Year Built 1988
Building Area Net
Land Area Net ()
Occupancy 100.0 %

Property description

JLL Capital Markets, as exclusive broker, is pleased to offer the excellent opportunity to acquire Village Oaks, a 166,245 square foot, community center anchored by Bealls, PetSmart, Planet Fitness, and Party City that is located in the heart of Pensacola, Florida, the largest MSA in the Florida Panhandle.

Investment highlights

  • Category-leading national anchors Bealls, PetSmart, Party City, and Planet Fitness account for nearly 70% of revenue and over 72% of GLA
  • Top ranking tenants for customer traffic in Florida (Placer.ai) – #1 rankings for PetSmart (94 stores) and Cato (27 stores), and #8 ranking for Bealls (53 stores)
  • Nearly all tenants that report sales have exceeded pre-COVID volumes (Bealls, Party City, Once Upon a Child) 
  • Extraordinary renewal history and stability – all anchors have renewed at least once, and 8 of 10 total tenants (96% of retail revenue) have a history of renewal
  • 20,050 SF industrial building included with prime location just off Interstate-10 & Interstate-110 (146,500 combined VPD)
  • Strong and stable Pensacola MSA – 512,000 residents, five major military bases (80,000 personnel), three college campuses (combined enrollment 44,000 students), two major hospital systems, Simon Property Group-owned Cordova Mall, and Pensacola International Airport
  • Expanded 25-mile trade area given distance between other major retail hubs 50 miles west in Mobile, AL and 40 miles east in Crestview / Destin, FL
  • Superior and dominant positioning on six-lane North Davis Highway (37,000 VPD) 
  • There is no other three-mile area in the Florida Panhandle as vibrant, geographically constrained and densely populated with today’s leading national retailers
Last Updated Date: 01 Mar 2022

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Last Updated Date: 01 Mar 2022

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