Income Producing Shopping Center

NAI Pensacola, as exclusive agent on behalf of the owner, is pleased to present the opportunity to acquire fee simple ownership of Paradise Square Shopping Center, composed of a well-maintained 68,380 square foot multi-tenant retail center, on a 6.3027-acre site. The Center enjoys premium visibility in its key hard-corner position at the busy, lighted intersection of Mobile Highway (31,500 CPD) and Fairfield Drive (20,500 CPD) offering an incredible 814’ of frontage, with customer access from three drives. Pylon signs are located on the two primary access drives creating great tenant visibility to the over 50,000 cars that pass by daily! Constructed in 1975, Paradise Square underwent a major update in 2010, followed by continued high-level capital improvements including a new roof ($300,000) and 5 new HVAC systems in 2020, the entire center was painted in 2021, and the parking lot (striped), upgraded lighting added, and landscaping updated in 2022. Currently, 96.7% occupied, the property offers a solid NOI and long-term sustainable tenants. The 3.3% vacancy at Paradise Square Shopping Center is Unit 3, a 2,280 SF fully renovated medical office suite. That provides an added cash-flow opportunity for the purchaser. Additionally, there is 1 acre of surplus parking that is unused and could easily be sold and utilized as a build-to-suit development, or land lease for additional income. Professionally managed, Paradise Square Shopping Center, benefits from a harmonious, service-driven tenant mix that operates in a synergistic manner creating a bright and viable shopping complex. Currently operating at a 96.7% occupancy rate with all credit-worthy, qualified tenants in place on NNN leases. Paradise Square Shopping Center is being offered on a free and clear basis

Additional URLs

• https://www.gulfcoastcmls.com/listing/30841212