3100 W 23rd St, Panama City, FL 32405

Faris Lee is pleased to present the opportunity to acquire a newly constructed, single-tenant Murphy USA property located in Panama City, FL. The asset features a corporate executed lease with Murphy USA (NYSE: MUSA), a publicly traded, Fortune 500 company (ranked #214). With annual revenues for fiscal year 2024 exceeding $20 billion and a history of operating retail gas stations and convenience stores since 1966, Murphy USA is a premier tenant. The company operates over 1,740 locations across 27 states under the recognized brands Murphy USA, Murphy Express, and QuickChek.

Long-term security and stability are provided for an investor through a new twenty (20) year primary lease term. The lease also includes 4 (5-Year) lease options to renew, offering a potential forty (40) years of total lease term. This is an Absolute Triple Net (NNN) lease, offering ideal ease of management. The tenant is responsible for all repairs and maintenance of the entire property, including the building, roof, parking lot, and landscaping. The tenant also directly pays property taxes, utilities, and insurance. With zero investor responsibilities, this is an ideal investment property for a passive and/or out-of-state investor, as the tenant handles all property operations directly.

A growing income stream is a key feature, as the Murphy USA lease provides for rental increases of 8% every 5 years. This provides the investor with increased cash flow, ensures value appreciation, and aids in hedging against inflation, which increases the return on investment. Furthermore, the property is brand-new construction, featuring the latest prototypical store layout. This means there is no deferred maintenance and the property includes a new roof, structure, parking lot, and improvements. This latest prototype facility is designed to increase sales volumes and provides for strong intrinsic real estate value.

The property is strategically located in Panama City, a high-growth Florida coastal city with an MSA population that exceeds 200,000 people. Situated between Tallahassee (98 miles) and Pensacola (103 miles), Panama City is a high-growth coastal community offering residents affordable housing, outdoor recreation, and a family-oriented environment of master-planned communities. The city is a hub for water activity along the shores of St. Andrews Bay. The asset itself occupies a high-profile, free-standing hard corner location at a signalized intersection with good street visibility and consistent customer traffic. The site is supported by strong vehicular traffic counts on West 23rd Street (±36,100 VPD) and W Hwy 390 (±18,500 VPD). The surrounding area is dense, with a population over 78,000 people, over 32,000 total households, and an average household income over $93,000 within a 5-mile radius.