1540 Airport Blvd

Retail-Commercial for Sale
Catylist Listing ID: 30587819
Property Subtypes: Free-Standing Building, Restaurant, Street Retail
Building Size (RSF): 7,400 SF
Gross Building Area: See Agent
Gross Land Area: 1.22 Acres
Sale Price: $4,300,000
Unit Price: $581.08 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Jason's Deli - Sleep Number
Sale Terms: Cash to Seller
Cap Rate: 6.25%
Last Updated: 7/31/2020

Overview / Comments

SVN Southland Commercial Real Estate is pleased to offer the opportunity to acquire an irreplaceable Jason's Deli & Sleep Number multi-tenant NN+ leased investment property located in Pensacola, Florida. Jason's Deli (Deli Management, Inc.) & Sleep Number (Select Comfort Retail Corp.) each have 3+ years remaining on their respective primary lease terms. Each lease is equipped with two (5) year extensions options. With a high likelihood of the extension options being exercised, both Jason's Deli & Sleep Number boast an impressive customer base and drive tremendous amounts of traffic to the site. Both leases feature attractive rental increases throughout the initial term and increases at the beginning of each option period with steadily growing NOI acting as a hedge against inflation. The lease features a NN+ structure, with limited landlord responsibilities,
making it an ideal limited management intensive investment opportunity for a local or out of state investor.

Attachments & Media

Current Tenants

Tenant Business Name Jaon's Deli
SF of Space Occupied 4,900 SF
Current Rent $164,395 PSF (Annual)
Tenant Notes Jason's Deli (Deli Management, Inc.) is a family-owned and operated fast casual restaurant chain with 275 locations spread across 28 states. The company was founded in 1976 in Beaumont, Texas, where it is still headquartered today. The company prides itself on the quality of its ingredients which contain no trans fats, processed MSG, high-fructose corn syrup, and artificial flavors. Jason's Deli has annual revenues exceed over $500 million.
Tenant Business Name Sleep Number
SF of Space Occupied 2,500 SF
Current Rent $104,500 PSF (Annual)
Tenant Notes The leader in sleep innovation, Sleep Number (Select Comfort Retail Corp.) deliversproven, quality sleep through effortless, adjustable comfort and biometric sleep tracking. Sleep Number’s revolutionary smart bed and proprietary technology platform are proving the connection between sleep and well-being. With one of the most comprehensive databases of biometric consumer sleep data, and as the winner of J.D. Power’s 2018 Mattress Satisfaction Report, Sleep Number is improving lives by individualizing sleep experiences. Sleep Number operates over 590 stores across all 50 states. Sleep Number's annual revenue was $1.53 billion in 2018.

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Tax ID/APN: 331S304000000014
Zoning: C-1
Property Visibility: Excellent
Largest Nearby Street: Airport Boulevard
Feet of Frontage: 217
Traffic/Vehicle Count: 32,500
Site Description: Located in the heart of the Cordova Core Retail Area, this two-tenant property occupied by Jason's Deli and Sleep Number is in an extremely desirable location. The lack of available land and space is a huge barrier to entry for retailers looking to enter the Pensacola's premier retail market. This site has excellent visibility with 217 feet of frontage on Airport Boulevard between Davis Highway and 9th Avenue and a daily traffic count of over 32,500 vehicles. Situated just west of Cordova Mall, the largest shopping center in Northwest Florida, this property is situated directly across the street from Sacred Heart Hospital's Cancer Center and just blocks away from Pensacola State College and Pensacola International Airport. Nearby national retailers and restaurants include Lowe's, Sam's Club, McDonald's, TGI Friday's, Panda Express, Dunkin' Donuts, Aspen Dental, Barnes & Noble, Gander Outdoors, PetCo, Miller's Ale House, Rooms To Go, Outback Steakhouse, Jersey Mike's, Smoothie King, Fresh Market, DWS Shoes, Ulta Beauty, Stein Mart, Wendy's, Krystal, Taco Bell, Verizon, Longhorn Steakhouse, Kay Jeweler's, Chili's, BJ's Brewhouse, Regions Bank, ABC Liquor, Panera Bread, Olive Garden, Bank
Area Description: Pensacola, Florida, the westernmost city in the Florida Panhandle, is the seat of Escambia County and the principal city of the Pensacola-Ferry Pass-Brent MSA (Population: 487,784). The MSA benefits from its picturesque coastal location as well as its proximity to other major cities including Mobile and Birmingham, Alabama (60 miles to the northwest and 255 miles to the north, respectively) and New Orleans, Louisiana (200 miles to the southwest). The area's solid, diverse economy features strongholds in the military and tourism industries and boasts one of the most prosperous manufacturing sectors in the northwest Florida region
Tenancy: Multiple Tenants
Property Condition: Excellent
Year Built: 2013
Year Renovated: 2013
Lot Frontage: 217
Lot Depth: 216

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,042 76,104 149,027
Median Age: 34.79 38.18 38.08
Households: 3,336 30,730 60,958

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