Sprint | Wells Fargo | Smoothie King

Sprint | Wells Fargo | Smoothie King

330 Mary Esther Blvd
Mary Esther, FL

Price: $1,745,000
Cap: 7.25%
NOI: $126,492
Building Size: 5,020 SF
Lot Size: 0.69 AC

Investment Highlights

NEWLY RENOVATED OUTPARCEL STRIP CENTER
• The subject property is a Four Tenant Strip Center leased to a mix of National & Local Tenants and located as an outparcel to Santa Rosa Mall in Mary Esther, FL
• The center has undergone new 2020 renovations, including new exterior paint, new awnings, and complete repair and striping of the parking lot.
• The strip has experienced strong leasing momentum with Smoothie King (with drive-through) executing a new 10-Year lease in July of 2019 along with recent the installation of a Wells Fargo ATM
• After being in the center for 7 years, Sprint has recently shown their long term commitment to the site by signing an extension for an additional 5 Years
• All Tenants are open and operating

MASSIVE MALL REDEVELOPMENT UNDERWAY
• Santa Rosa Mall, a 734,000 SF mall that was built in 1976 and is the only enclosed shopping center within an hour driving distance, is currently anchored by Old Navy, Planet Fitness, Dillard’s, Regal Cinemas, and JCPenney.
• Santa Rosa Mall is currently undergoing massive reconstruction that includes a 230 Class-A multi-family units under construction on the Vacant Belk site (Opening 2021) and the conversion of the Vacant Sears into a Self Storage & Retail Mixed Use development.

STRATEGIC HIGH TRAFFIC COASTAL LOCATION
• The subject property sits at a signalized intersection on Mary Esther Boulevard in a high traffic corridor (ADT of 24,000 +/-) that connects the city to Route 98, which is the main road from Pensacola to Panama City Beach.
• Surrounding National Retailers include: Walmart Supercenter, Sam’s Club, Lowe’s, Home Depot, Publix, T.J.Maxx, Target, LongHorn Steakhouse, Chili’s, TGI Fridays, a new Holiday Inn, and multiple schools including the Liza Jackson Prep School which has over 800 students.
• Mary Esther is a densely populated affluent Coastal City with a 5 mile Pop. of 68,340 and Avg. HHI of $71,514

MARY ESTHER, FL | CRESTVIEW–FORT WALTON BEACH–DESTIN MSA
• Mary Esther, FL is located in the heart of Florida’s Panhandle as a part of the heavy tourist driven Crestview–Fort Walton Beach– Destin MSA
• Florida has no State income Tax
• Mary Esther is located in Okaloosa County, whose largest employers are Eglin Air Force Base and Hurlburt Field (special ops for Air Force). The two bases have a combined economic impact of approximately $6.6 billion annually on the Fort Walton Beach area and employ more than 23,000 civilians and military personnel.
• Along with the airforce base, the economy of Okaloosa County is heavily driven by tourism, which is already up 15% in 2019 over the previous year.

Zach Taylor
OFFERING MEMORANDUM

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