2200 W Nine Mile Rd
Pensacola, FL 32534

Marcus & Millichap is pleased to present for purchase the fee simple interest in a fully occupied multi-tenant retail center located at 2200 West Nine Mile Road in Pensacola, Florida. The tenants are Starbucks and Procom Wireless, LLC, an authorized Verizon retailer. Starbucks occupies 48 percent of the property, while Verizon occupies 52 percent. Starbucks recently extended their NNN lease and invested significant capital on an in store remodel. There are currently has 10.5 years remaining on the lease. The landlord is responsible for roof, structure, parking, HVAC, and landscaping (all reimbursed through CAM). There is an allowance of up to $10,000 to replace HVAC, which the tenant pays for but the landlord reimburses. The landlord also pays taxes but the tenant reimburses through CAM. The lease is corporately backed by Starbucks, a Standard & Poor's A- investment grade credit tenant. There are three, five-year options remaining with 10 percent rental increases in each. Verizon (Procom Wireless, LLC) has 2.75 years remaining on a NNN lease. The landlord is only responsible for roof and structure. The lease is backed by Go Wireless, a 700 unit franchise operator. There is one five-year option with annual rental increases of $0.50/SF in the base period and in the option. The tenant pays additional rent for CAM. The subject sits on 1.25 acres and is located at a four-way intersection. The property has combined traffic counts of 48,600 plus vehicles per day on West Nine Mile Road and Pine Forest Road. The property features a drive thru and 35 parking spaces. The property is surrounded by multiple national retailers such as a newly built Walmart Neighborhood Market, Publix, Walgreens, Wendy's, Jersey Mike's, and Dollar General. The property is located 15 minutes from The University of West Florida, a public university with approximately 13,000 students. Pensacola is a waterfront city in the north of the U.S. state of Florida. It is the westernmost city in the Florida Panhandle and the county seat of Escambia County. Pensacola is a sea port on Pensacola Bay and is separated from the Gulf of Mexico by Santa Rosa Island. It's protected beaches make it a popular holiday destination. A large United States Naval Air Station, the first in the United States, is located southwest of Pensacola; it is the base of the Blue Angels flight demonstration team and the National Naval Aviation Museum.