Investment Overview

This is a single-tenant net lease investment opportunity at 3381 Bill Metzger Ln, Pensacola, FL, occupied by Herc Rentals, Inc. (NYSE: HRI), the 3rd largest equipment rental company in the U.S., priced at $3,885,000 with a 6.25% cap rate and $242,824 in NOI. The property sits on a ±2.00-acre site with a ±15,200 SF facility built in 1996 and renovated in 2024 with $1.3M in improvements tailored to the tenant's specifications, located in Pensacola's Ellyson Industrial Park alongside strong national tenants like Amazon, Penske, and Cintas. The original 10-year NNN lease has 7+ years remaining, features minimal landlord responsibilities, 3% annual rent increases, and four 5-year renewal options. The property benefits from proximity to Pensacola International Airport (5.4 miles), quick access to I-10 and I-110, and sits in a tax-free state metro (~539,000 population) bolstered by "Project Maeve," a $275M Navy shipbuilding facility driving industrial demand and job growth. Herc Rentals acquired the former tenant, H&E Equipment Services, in a $5.3 billion merger completed in June 2025, and the parent company posted $4.376 billion in 2025 total revenue with 609+ locations across North America, underscoring strong corporate credit backing the lease.