American Water

7303 Plantation Road
Pensacola, FL 32504

Marketing Materials

Overview

JLL is pleased to offer for sale the fee-simple interest in a American Water Works Company, Inc. office building located in Pensacola, FL. The property is a freestanding office building that is tenanted by an Investment Grade Tenant, American Water Works Company, Inc., with 7.6 years of contractual lease term remaining. The tenant elected to renew their lease early, further showing their commitment to the site. American Water Works Company is a publicly traded company (NYSE: AWK) that has investment grade credit ratings by Moody’s (A3) and by Standard & Poor’s (A). Ownership also replaced the roof in 2018. The Property is located near the intersection of Interstate 10 (74,000 VPD) and Interstate 110 (59,500 VPD). The Asset is strategically positioned in the major retail trade area of Pensacola and is surrounded by 10 hotels and 4 major shopping centers.
  • Primary Broker

    Matthew J. Berres - Net Lease Broker
    Matthew J. Berres

    +1 949 885 2933

  • In-State Licensee

    Buff Teague - Net Lease Broker
    Buff Teague
    FL

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Investment Highlights
• The Tenant approached ownership a year early of their renewal notice period to extended their lease
• American Water Works Company, Inc. holds investment grade credit ratings from Moody’s (A3) and Standard & Poor’s (A)
• Tenant will have been at this location for over 25 years at end of primary term
• Ownership replaced the roof in 2018
• Florida is an income tax free state
• Well-positioned at the intersection of Interstate 10 and Interstate 110 with ease of accessibility throughout the Pensacola region
• Asset sits adjacent to University Town Plaza Shopping Center with national retailers JCPenny, Burlington, Academy Sport + Outdoor, Sears
• The area is the major retail hub of the Pensacola region with over 10 hotels and many national retailers including HomeGoods, PetSmart, Hobby Lobby and many more
General
Property Type Office
Property Address 7303 Plantation Road
Pensacola, FL 32504
Market FL-Pensacola/Ferry Pass/Brent
Land In Acres 5.06
Building Size 64,053 Square Feet
Primary Use Office- Data Hosting
Year Built 1977
Tenancy Single-Tenant
Financial
Price $9,418,000
Price PSF $147.03
Cap Rate 7.25%
Current NOI $682,805
Lease
Tenant Name American Water
Credit Rating (S&P) A
Lease Type NN
Annual Rent $682,805
Rent Escalations Approximately 1.5% every 2 years
Lease Expiration Date 12/31/2025
Remaining Term 7.3Yrs