Shopping Neighborhood
Chick-fil-A Plaza | A+ Location @ Cordova Mall | 78% Occupied | Pro-Forma CAP 7.27%
5020 Bayou Blvd, Pensacola, FL 32503
Listing Price: $7,225,000
Investment Overview
Marcus & Millichap is pleased to present a rare opportunity to acquire Chick-fil-A Plaza, a Class A retail asset totaling just under 20,000 rentable square feet on 2.06 acres, ideally located in the heart of Pensacola’s primary retail corridor.
Strategically positioned as a shadow anchor to Cordova Mall — a top-performing regional mall attracting over 8 million annual visitors — the property also benefits from being directly across the street from a Target and Winn-Dixie anchored shopping center. It features excellent visibility, prominent signage, and easy access along Bayou Blvd, which sees over 23,000 vehicles per day.
In addition to the Chick-fil-A ground lease, the center is home to a strong lineup of national tenants including Firehouse Subs, T-Mobile, and European Wax Center. Significant value-add potential exists through the lease-up of the remaining vacancy, projecting a stabilized cap rate of 7.34% by year two.
The property is surrounded by a dense and affluent customer base, with over 140,000 residents within a 5-mile radius and an average household income exceeding $71,000 within 3 miles.
Surrounding retailers include: Publix, The Home Depot, Best Buy, Target, Winn-Dixie, Ross, Ulta Beauty, and many more.
Chick-fil-A Plaza | A+ Location @ Cordova Mall | 78% Occupied | Pro-Forma CAP 7.27%
Investment Highlights
- A+ Irreplaceable Location: Prime outparcel/shadow anchor to Cordova Mall, a top-performing regional mall with 8M+ annual visitors, and positioned directly across from a Target and Winn-Dixie anchored
- NNN & Ground Lease Structure: Features a corporate Chick-fil-A ground lease at low rent and NNN leases with all inline tenants, ensuring minimal landlord responsibilities
- Significant Value-Add Opportunity: Lease-up of remaining vacancy delivers a projected 7.27% cap rate by year two, based on conservative assumptions of $24 PSF
- Newer Roof: The roof on the retail center was recently replaced in 2018 and includes a 15-year transferable warranty.
- Exceptional Visibility & Access: Located along Bayou Blvd with 23,000+ vehicles per day, offering high visibility, prominent signage, and easy ingress/egress
- Strong National Tenant Roster: Includes Firehouse Subs, T-Mobile, and European Wax Center
- Below-Market Rent Basis: CoStar estimates retail rents between $32–$39 PSF, highlighting upside versus current lease rates
- Flexible Exit Strategy: Owner can lease remaining vacancy and sell as a whole, or subdivide parcels and retain/sell selectively
Exclusively Listed By
Financing By
Shopping Neighborhood
Chick-fil-A Plaza | A+ Location @ Cordova Mall | 78% Occupied | Pro-Forma CAP 7.27%
Listing Price: $7,225,000
Investment Highlights
- A+ Irreplaceable Location: Prime outparcel/shadow anchor to Cordova Mall, a top-performing regional mall with 8M+ annual visitors, and positioned directly across from a Target and Winn-Dixie anchored
- NNN & Ground Lease Structure: Features a corporate Chick-fil-A ground lease at low rent and NNN leases with all inline tenants, ensuring minimal landlord responsibilities
- Significant Value-Add Opportunity: Lease-up of remaining vacancy delivers a projected 7.27% cap rate by year two, based on conservative assumptions of $24 PSF
- Newer Roof: The roof on the retail center was recently replaced in 2018 and includes a 15-year transferable warranty.
- Exceptional Visibility & Access: Located along Bayou Blvd with 23,000+ vehicles per day, offering high visibility, prominent signage, and easy ingress/egress
- Strong National Tenant Roster: Includes Firehouse Subs, T-Mobile, and European Wax Center
- Below-Market Rent Basis: CoStar estimates retail rents between $32–$39 PSF, highlighting upside versus current lease rates
- Flexible Exit Strategy: Owner can lease remaining vacancy and sell as a whole, or subdivide parcels and retain/sell selectively
Investment Overview
Marcus & Millichap is pleased to present a rare opportunity to acquire Chick-fil-A Plaza, a Class A retail asset totaling just under 20,000 rentable square feet on 2.06 acres, ideally located in the heart of Pensacola’s primary retail corridor. Strategically positioned as a shadow anchor to Cordova Mall — a top-performing regional mall attracting over 8 million annual visitors — the property also benefits from being directly across the street from a Target and Winn-Dixie anchored shopping center. It features excellent visibility, prominent signage, and easy access along Bayou Blvd, which sees over 23,000 vehicles per day. In addition to the Chick-fil-A ground lease, the center is home to a strong lineup of national tenants including Firehouse Subs, T-Mobile, and European Wax Center. Significant value-add potential exists through the lease-up of the remaining vacancy, projecting a stabilized cap rate of 7.34% by year two. The property is surrounded by a dense and affluent customer base, with over 140,000 residents within a 5-mile radius and an average household income exceeding $71,000 within 3 miles. Surrounding retailers include: Publix, The Home Depot, Best Buy, Target, Winn-Dixie, Ross, Ulta Beauty, and many more.
Exclusively Listed By
Financing By
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