101 Racetrack Road NW | Fort Walton Beach, FL 32547
Absolute Triple-Net Ground Lease No Landlord Responsibilities
8.5 Years Remaining with Four, Five-Year Options
Attractive 15 Percent Increases Every Five Years
Outparcel to 93,650-Square-Foot Big Lots Anchored Shopping Center
Close Proximity to Eglin Air Force Base - Over 8,000 Residents
Lease Backed by Compass Bank- 672 Branch Locations with Over $70 Billion in Deposits
First Vice President Investments
Marcus & Millichap is pleased to exclusively offer for sale this Compass Bank, an outparcel to a 93,650-square-foot Big Lots anchored shopping center located in Fort Walton Beach, FL. Compass Bank has 8.5 years remaining on an absolute triple-net ground lease with an attractive 15 percent rent increase in December 2022. There are four, five-year options to renew with a 15 percent increase at the start of each option period. The aggressive rent increases throughout the base term and the option periods provide an investor with an attractive hedge against inflation. The absolute triple-net ground lease allows for a completely passive investment with zero management responsibility required.
Headquartered in Birmingham, AL, Compass Bank has 672 branch locations in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. Total bank deposits exceed $70 Billion.
Compass Bank is situated on busy Racetrack Road, which exposes the property to over 28,500 vehicles per day. Racetrack Road is also home to many national retailers and restaurants, such as Publix, Pizza Hut, Domino's Pizza, Advance Auto Parts, O'Reilly Auto Parts, Maaco Collision Repair, Wells Fargo Bank, Tropical Smoothie Cafe, Wendy's, Burger King, Waffle House and Walgreens.
The subject property benefits from being located directly across the street from Choctawhatchee High School. With over 1,600 students enrolled, it is the only school in Okaloosa County to offer the International Baccalaureate Diploma Program. Compass Bank is also only 10 minutes away from Eglin Air Force Base, which employs over 8,500 civilians, 4,500 military personnel and has over 8,000 residents. The abundance of retail and restaurants on Racetrack Road make it a convenient destination for both military and civilians that work or live near the base.
Fort Walton Beach is located between Pensacola and Panama City along north Florida's Gulf Coast, and has a population that is more than eight times as dense as the Florida average. Visitors are attracted to Fort Walton Beach for its white sand beaches and calm emerald waters. Other attractions include golf courses, family-friendly resorts, parks, museums and aquariums.