311 N 9th Ave
Pensacola, FL 32502

CBRE’s Net Lease Property Group is pleased to present the opportunity to acquire a 6,214-square-foot freestanding Carrabba’s Italian Grill situated on 1.53 acres in Pensacola, Florida (Population: 55,015). Pensacola is the county seat of Escambia County and is a principal city of the Pensacola – Ferry – Pass Brent, FL Metropolitan Statistical Area (Population: 485,684). Built in 2003, Carrabba’s absolute NNN lease has 11.7 years of primary term remaining, four 5-year options to renew, and attractive annual rent escalations. The property is strategically located with excellent access and visibility at the signalized corner of North 9th Avenue (Traffic Count: 33,500 VPD) and East Gregory Street (Traffic Count: 20,500 VPD), which diverges onto the ramp to Interstate 110 (Traffic Count 58,000 VPD) within feet of the property. The site benefits from its position within Downtown Pensacola’s retail and commercial corridor (4.0 MSF of retail, 6.4 MSF of office, 4.6 MSF of industrial and 1,595 multifamily units within a 3-mile radius). Major retailers within the vicinity include McDonald’s, Starbuck’s, Jimmy Johns, Nothing Bundt Cakes, The Melting Pot, Waffle House, Five Guys, Whataburger, Newk’s Eatery, Verizon, SunTrust, Pep Boys, UPS, Wendy’s, Shell, and Dollar General, among many others. The immediate corridor is anchored by the Pensacola Bay Center, which includes a 10,000-seat arena and 33,000 SF of meeting/event space, as well as the 210-room Pensacola Grand Hotel (both 0.2 miles to the west). The Pensacola Grand Hotel, which offers a myriad of charming boutique shopping and dining options, is currently undergoing an extensive remodel to become a Hilton-branded property. Additionally, the Courtyard Pensacola Downtown (120 rooms) and the Residence Inn Pensacola Downtown (78 rooms) lie just 0.3 miles to the east of the property, while the headquarters for the Gulf Power Company (1,774 employees)—the area’s seventh-largest employer—sits just 0.3 miles to the south. In total, the site features an average household Income of $59,428 and a population of 39,606 within a 3-mile radius, placing a large population within walking distance of the property.