5170 N 9th Ave
Pensacola, FL 32504
Chili's | 10yrs Remaining Abs NNN | New Const · Retail Property For Sale

We are pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a freestanding, single tenant, absolute NNN leased Chili’s Bar & Grill investment property located in Pensacola, FL. The tenant, Brinker Florida, Inc., recently signed a new 10 year lease with 4 (5-year) options to extend. The lease features a 4% rental increase in year 6 and various increases at the beginning of each option, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities. The subject property is strategically located along N. 9th Avenue/ State Highway 289, a major north/south commuter thoroughfare and retail corridor, averaging 35,800 vehicles passing by daily. The site has excellent highway frontage and increased visibility due to its parapet and monument signage. Moreover, the site is ideally positioned as an outparcel to Cordova Mall, a 928,709 SF super-regional mall, anchored by Dillards, Dick’s Sporting Goods, Best Buy, Bed Bath and Beyond, and World Market, promoting crossover traffic to the site. Other nearby national/credit tenants include Target, Sam’s Club, Lowe’s, Publix Super Market, and more, increasing consumer traffic to the trade area. Other major economic drivers within the immediate trade area include Sacred Heart Hospital (566 Beds), Pensacola State College (26,000 Students), Pensacola Christian College (4,900 Students), and Pensacola International Airport, which served more than 1.9 million passengers in 2018. The 5-mile trade area is supported by a population of more than 141,000 residents with an average household income of $60,202.