Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Year Built 1985
Building Area Gross
Occupancy 93.3 %

Asset Description

JLL Capital Markets, as exclusive broker, is pleased to offer the opportunity to acquire Tradewinds Shopping Center, a 178,521 square foot community center anchored by TJ Maxx / HomeGoods, JoAnn Fabrics, Shoe Carnival, Tuesday Morning, and Dollar General that is located in the heart of Pensacola, Florida, the largest MSA in the Florida Panhandle.

Investment Highlights

  • Strong-performing anchor TJ Maxx / HomeGoods in a combination store with great credit (S&P: A) and 2021 sales representing a 16.0% increase over pre-Covid (2019) and a 53.1% increase since 2016.
  • Top-ranking tenants for customer traffic in Florida (Placer.ai) - #2 ranking for JoAnn Fabrics (48 stores), #4 ranking for TJ Maxx / HomeGoods (88 stores), #6 ranking for Tuesday Morning (34 stores), and #75 ranking for Dollar General (832 stores).
  • Extraordinary renewal history and stability - 12 of 16 tenants have a history of renewal including all anchors: TJ Maxx / HomeGoods (3x), JoAnn Fabrics (2x), Shoe Carnival (5x), Tuesday Morning (4x), and Dollar General (4x).
  • Nearly all tenants that report sales have exceeded pre-Covid volumes (TJ Maxx / HomeGoods, Shoe Carnival, Dollar General, Tuesday Morning).
  • Seasoned and healthy tenancy as over 76% of the Property GLA has been in occupancy for over 10 years.
  • Strong and stable Pensacola MSA - 512,000 residents, five major military bases (80,000 personnel), three college campuses (combined enrollment 44,000 students), two major hospital systems, Simon Property Group-owned Cordova Mall, and Pensacola International Airport.
  • Expanded 25-mile trade area given distance between other major retail hubs 50 miles west in Mobile, AL and 40 miles east in Crestview / Destin, FL.
  • Superior and dominant positioning on six-lane North Davis Highway (37,000 VPD).
  • There is no other three-mile area in the Florida Panhandle as vibrant, geographically constrained, and densely populated with today’s leading national retailers.
Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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