520 E 23rd St
Panama City, FL 32405
Cracker Barrel Ground Lease | Brand New · Retail Property For Sale

The subject property is freestanding Cracker Barrel in Panama City, FL. Ideally located on E. 3rd Street, Cracker Barrel has excellent frontage and visibility to the 34,000+/- vehicles per day. They sit as one of 5 outparcels to Bay City Point, a 200,000+ retail power center development. Phase 1, consisting of Cracker Barrel, Chick-Fil-A, Discount Tire, Panda Express, Dunkin’ Donuts, Chipotle, Aspen Dental and more, will be fully complete by August, 2018. Phase 2, which is expected to consist of a 170,000+/- square foot anchored shopping center, is estimated to begin in 2019. Additional traffic generators in the immediate area include Home Depot, Target, Ross, Kohl’s, Lowe’s and the Panama City Mall, home to JC Penney, Dillard’s, Sears, Bed Bath & Beyond, Starbucks, Panera Bread and more. Cracker Barrel signed a 10-year initial lease term that commenced in April, 2018. There are scheduled rental increases of 10% every 5 years throughout the entire lease term. The lease is an absolute NNN ground lease, providing for zero landlord responsibilities.