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JLL, as exclusive broker, is pleased to present a unique opportunity to acquire a 70,161 square foot value-add community center located on an irreplaceable 6-acre parcel along Harbor Boulevard (US-98) at the gateway to Gulf Shore Drive.
- Irreplaceable coastal 6-acre parcel along Harbor Boulevard (US-98) at signalized gateway intersection to Gulf Shore Drive
- Gulf Resort Mixed Use zoning allows for hotel, multi-family residential, retail, restaurants, and office uses which could add tremendous value to the site long term
- West Marine is in the top 20% most visited stores among chain stores tracked (Placer Ai), has expanded, has renewed 6 times, and has one remaining 5-year option
- All tenants, excluding West Marine, Jersey Mike’s, Trulieve, and Joris Specialty Meats, have Landlord relocation rights and many tenants have short term leases with limited lease options remaining
- Upside in potential to lease up 7,212 square feet of vacant space and activation of central courtyard as a venue for food trucks, concerts, performing arts, farmer’s markets, car shows, or other family entertainment outings, creating an additional revenue stream at the Property
- World-renowned Destin MSA – 16th fastest growing MSA in the U.S., which attracts an estimated 4.5 million tourists to the region annually
- Exceptional area demographics with a 3-mile average household income that exceeds $100,000
- Low in-place rents will yield below replacement cost asset pricing