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Bass Pro Shops: Tallahassee, FL 4059 Lagniappe Way 69,013 SF 100% Leased Retail Building Tallahassee, FL 32317 $8,695,900 ($126.00/SF) 7.15% Cap Rate
Investment Highlights
- Optimized Store Format with Strong Unit-Level Economics
- 6.0 MSF of retail, 6.1 MSF of office and 8,778 multifamily units within a 3-mile radius
- Near Term Bump
- Part of the ±750,000-Square-Foot Fallschase Village Center
- NNN Lease with Early Extension
Executive Summary
CBRE is pleased to offer for sale the 69,013-square-foot, Outpost-format, Bass Pro Shops situated on 4.41 acres in Tallahassee, FL (MSA population: 396,816). Originally set to expire in 2025, Bass Pro Shops exercised its first of five renewal options early in 2020. Currently, the NNN lease features ±4.2 years of primary term remaining with four remaining 5-year options. Rent increases every 5 years by the lesser of (i) the change in CPI or (ii) 5% (see page 11 for details). Next increase on August 1, 2027, bringing unlevered return up ±36 bps. This Tallahassee Outpost location boasts rent-to-sales under 3%. Store sales have delivered consistent year-over-year growth for four consecutive years, including 13% YOY growth from 2024 to 2025 and 24% total growth since 2021.
Bass Pro Shops is a core anchor of the ±750,000-square-foot Fallschase Village Center, the largest open-air shopping and entertainment destination in Tallahassee, Florida. The center boasts a powerful lineup of major national retail drivers, including Costco, Walmart Supercenter, Boot Barn, and Dollar Tree, alongside entertainment concepts like CMX Cinemas.
Located approximately 4.3 miles northeast of downtown Tallahassee, Bass Pro Shops is positioned with premier visibility and strategic access along Mahan Drive / US-90 (31,500 VPD), a vital commercial artery connecting downtown Tallahassee to the eastern suburbs and Interstate 10. Its proximity to the I-10 interchange (±52,000 VPD) provides direct regional connectivity, capturing a broad consumer base of residents, university students, and regional outdoor enthusiasts throughout Tallahassee, Leon County, and the surrounding Florida Panhandle markets.
Bass Pro Shops is a core anchor of the ±750,000-square-foot Fallschase Village Center, the largest open-air shopping and entertainment destination in Tallahassee, Florida. The center boasts a powerful lineup of major national retail drivers, including Costco, Walmart Supercenter, Boot Barn, and Dollar Tree, alongside entertainment concepts like CMX Cinemas.
Located approximately 4.3 miles northeast of downtown Tallahassee, Bass Pro Shops is positioned with premier visibility and strategic access along Mahan Drive / US-90 (31,500 VPD), a vital commercial artery connecting downtown Tallahassee to the eastern suburbs and Interstate 10. Its proximity to the I-10 interchange (±52,000 VPD) provides direct regional connectivity, capturing a broad consumer base of residents, university students, and regional outdoor enthusiasts throughout Tallahassee, Leon County, and the surrounding Florida Panhandle markets.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
69,013 SF
Building Class
B
Year Built/Renovated
2008/2013
Price
$8,695,900
Price Per SF
$126.00
Cap Rate
7.15%
NOI
$621,751
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.36
Lot Size
4.41 AC
Zoning
R-3 - Neighborhood Retail
Parking
243 Spaces (3.52 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Dedicated Turn Lane
- Signalized Intersection
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 11-27-30-000-004.1 | Improvements Assessment | $4,214,999 |
| Land Assessment | $718,740 | Total Assessment | $4,933,739 |
Property Taxes
Parcel Number
11-27-30-000-004.1
Land Assessment
$718,740
Improvements Assessment
$4,214,999
Total Assessment
$4,933,739
Contacts
-
Christopher Bosworth -
Brian Pfohl -
Thomas Carr -
Katie Goldberg -
Abby Kelly -
Leah Lindell -
Tori Robb -
Mark Drazek -
CBRE, Inc.
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