Investment Highlights

100% LEASED MULTI-TENANT RETAIL ASSET
» 100% leased multi-tenant “Amazon-proof” asset to Dunkin’ and T-Mobile
» T-Mobile (NASDAQ: “TMUS”) is the Second Largest Wireless Carrier in the United States (104.79 Million Users)
» 10-year net lease to Dunkin’ (NASDAQ: “DNKN”) with a strong corporate guaranty
» Scheduled rent increases provide a hedge against inflation

PRIME RETAIL LOCATION WITH STRONG DEMOGRAPHICS
» Prominent location along U.S. Route 98/Navarre Parkway (46,000 AADT)
» Prime retail location on the Gulf Coast/Emerald Coast (4.5 million annual visitors) less than a mile from pristine white sand beaches, shopping, and restaurants
» Next to first ALDI in northwest Florida and immediately surrounded by a strong mix of national tenants such as Walmart Supercenter, Publix Supermarkets, Winn-Dixie, CVS Pharmacy, Walgreens, Pizza Hut, Culver’s, McDonald’s, and many more
» Navarre County is one of the fastest growing counties in the United States
» Average annual household income of $90,442 within five miles and projected to increase 13 percent by 2026

CENTRAL LOCATION NEAR LARGE SCHOOLS, HOSPITALS, AND AREA ATTRACTIONS
» Walking distance to Baptist Hospital-Baptist Medical Park (326 beds, 6,500 employees)
» Near several large schools including, Navarre High School (2,367 students) and Holley-Navarre Middle School (1,053 students)
» Navarre Beach ranked in the top-5 beaches in all of Florida by USA Today
» Situated near area attractions including, Gulf Breeze Zoo (200,000 annual visitors) and Gulf Islands National Seashore (17 miles, 5.6 million annual visitors)
» 1,500 single family homes zoned for development in the immediate area

NEW 2022 CONSTRUCTION IN FLORIDA SUBMARKET
» New 2022 construction featuring drive-thru for added customer convenience
» Excellent submarket location poised for growth on the Florida Panhandle
» Close proximity to several military bases in the region including Eglin Air Force Base (the largest United States Air Force base, with a total economic impact of $7.8B)
» Situated in the prime retail location in all of Navarre

Property Description

SOLD

The property is located along U.S. Route 98/Navarre Parkway (46,000 AADT) near State Route 87 (22,000 AADT) and Navarre Beach Causeway (10,000 AADT), with excellent visibility and exposure to one of the most traveled arterials in Northwest Florida. Additionally, the property is strategically located in one of the largest and best development sites available in Northwest Florida, the third-most populated state in the United States (21.54 million residents, 91.48 million annual visitors). The site is in a prime retail location on the Gulf Coast/Emerald Coast (4.5 million annual visitors), less than a mile from pristine white sand beaches, shopping, and restaurants on the Gulf of Mexico. The site is within an excellent submarket location poised for growth in the Florida Panhandle. The community has 37,890 residents living within a five-mile radius (29 percent increase since 2010), providing a regular customer base for the site. The average annual household income is $90,442 within five miles and is projected to increase 13 percent by 2026.

The site is next to the first ALDI in northwest Florida and within walking distance to Baptist Hospital-Baptist Medical Park (326 beds, 6,500 employees). The property is immediately surrounded by a strong mix of national tenants such as Walmart Supercenter, Publix Supermarkets, Winn-Dixie, CVS Pharmacy, Walgreens, Pizza Hut, Culver’s, McDonald’s, and many others. The site is near several large schools, including Navarre High School (2,367 students) and Holley-Navarre Middle School (1,053 students), increasing traffic in the immediate area. The property is 15 miles from Northwest Florida State College (5,497 students) and 30 miles from Pensacola State College (11,165 students). The site is situated near area attractions such as Gulf Breeze Zoo (200,000 annual visitors) and Gulf Islands National Seashore (17 miles, 5.6 million annual visitors). The location maintains beneficial proximity to Destin-Fort Walton Beach Airport (1.9 million annual passengers in 2021) and Pensacola International Airport (1.4 million annual passengers in 2020). Eglin Air Force Base (the largest United States Air Force base, 2,152 population) and other naval and aviation-related installations are in close proximity, creating one of the nation’s largest military base footprints in the area.