The Grand 16 IMAX Theatre

500 Pier Park Drive
Panama City Beach, FL 32413

Marketing Materials

Overview

Situated within Panama City Beach’s primary retail development (Pier Park), the property is positioned as a highly desirable investment opportunity with intrinsic real estate value, contractual rent growth, over nine years of remaining term and three, five-year options to renew. The property’s location adjacent to Pier Park possessing direct Gulf of Mexico shoreline accessibility is further supported by proximity to many best-in-class national tenants across the retail, restaurant, and entertainment sectors. The offering is strengthened additionally by the property’s lease guarantor, VSS Southern Theatres. Southern Theatres is the sixth largest theatre circuit in The United States and operates 40 locations with 458 screens. This offering represents the opportunity to purchase a committed national entertainment tenant with significant intrinsic real estate value within a high-growth coastal Florida market.
  • Primary Broker

    Eric Suffoletto - Net Lease Broker
    Eric Suffoletto
    (312) 228-3254

  • Secondary Broker(s)

    Carson Good - Net Lease Broker
    Carson Good
    (407) 982-8677

  • Tarik Bateh - Net Lease Broker
    Tarik Bateh
    (904) 559-3913

  • In-State Licensee

    Carson Good - Net Lease Broker
    Carson Good
    FL

Contact

First Name*

Last Name*

Company*

Phone Number*

Email*

I am interested in this property. Please contact me at your earliest convenience.


Investment Highlights
• Positioned adjacent to Pier Park, Panama City Beach’s most dense retail corridor with nearly 50 national credit retailers
• Absolute NNN lease possessing over 9 years of remaining lease term
• Lease guaranteed by VSS Southern Theatres; sixth largest theatre operator in the United States
• Exposure to over 11 million tourists annually
• Outstanding population growth within Panama City Beach MSA; twice the national average
General
Property Type Retail
Property Address 500 Pier Park Drive
Panama City Beach, FL 32413
Land In Acres 2.98
Building Size 75,605 Square Feet
Primary Use Movie Theatre
Secondary Use None
Year Built 2007
Tenancy Single-Tenant
Financial
Price Confidential
Cap Rate Confidential
Current NOI $2,094,591
Lease
Guarantor VSS-Southern Theatres
Lease Type NNN
Annual Rent $2,094,591
Rent PSF $27.70
Rent Escalations Every Five Years; the Lesser of 10% or 2x CPI Increase
Options 3 x 5-Years
Lease Expiration Date 5/31/2027
Remaining Term 9.0Yrs