This property is Off-Market

7801 Commerce Boulevard
Panama City, FL 32408 ·

59,669 SF · Industrial For Sale

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FedEx Ground

Price N/A Cap Rate 6.65%
Building Size 59,669 SF Tenancy Single
Property Type Industrial Year Built 2013
Property Sub-type Distribution Warehouse Clear Ceiling Height 20 ft.
Property Use Type Investment Lot Size 8 AC
Listing ID: 18122278 Date Created: 04/12/2013 Last Updated: 08/08/2013

Description

Leased to FEDEX GROUND PACKAGE SYSTEMS, INC., for 10 years from August 1, 2013 until July 31, 2023 at the annual net rent of $415,457. The tenant is responsible for all property owner association dues, Florida rent taxes, real estate taxes, property insurance, tenant' s liability insurance, and maintenance of the yard, parking, drive and hard surfaced areas. The landlord is responsible for maintenance of the structural portions of the building including the foundation, roof, exterior or load bearing walls and floor slabs. There are two five-year renewal options; the first with a 10% rental increase and the second with a 5% rental increase.

Panama City is located on the Gulf Coast in the middle of the Florida pan handle. It is situated on U.S. Route 98 and serves as the county seat for Bay County. Panama City is the largest community between Tallahassee and Pensacola, and the largest city in Bay County and the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. Panama City is a desirable place to conduct business. Port Panama City is a dynamic and growing port. Over the past 10 years, the Port has quietly tripled its cargo activity.

The Port Authority has established the 250 acre Intermodal Distribution Center at the north end of Panama City on Highway 231 to facilitate the Port' s growth. This industrial park will have the following elements: The subject 59,669 sq. ft. FedEx Ground property which is under construction and scheduled to be completed August 1, 2013. A 250,000 sq. ft. cross dock distribution building for lease which is approaching completion and can be expanded by 100,000 sq. ft. A planned new rail-to-truck bulk transfer facility. This 40 rail car facility will support ongoing local bulk transfer needs, as well as create new opportunities for bulk-loading containers.

Highlights

  • Rare Florida FedEx offering
  • No income tax state
  • New construction and new 10 year net lease
  • Florida Panhandle location
  • Site in excellent industrial park

Research

7801 Commerce Boulevard, Panama City, FL 32408 (Bay County)

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