Trulieve - Pensacola
A rare opportunity to acquire a high‑performing, medical‑use retail asset.
Marketing description
Address: 3119 N Davis Hwy, Pensacola, FL 32503
Building Size: 6,566 SF
Year Renovated: 2021
Lot Size: 1.26 acres
Parking: 30 dedicated spaces
Tenancy:
Trulieve (Primary Tenant; NNN)
DocMJ (Medical Marijuana Clinic; Net Lease)
Lease Structure: Absolute NNN – tenant responsible for taxes, insurance, utilities, repairs, and maintenance.
Lease Term:
Rent commencement: September 1, 2021
Remaining term: 9+ years
Expiration: August 31, 2033
Options: Two (2) 5‑year options with 2% annual base rent escalations
Annual Base Rent (2025–2026): $190,639
Ownership: Fee Simple – delivered free & clear of debt
Tenant Strength:
233 nationwide locations; 162 in Florida with ~48% market share
2024 Revenue: $1.2B
GAAP Gross Profit: $716M
EBITDA: $420M
The property is strategically positioned at a signalized hard corner on N Davis Highway and E Texar Drive, with excellent accessibility and visibility. Traffic counts surrounding the site include:
I‑110: 63,000 VPD
E Fairfield Dr: 38,500 VPD
N Davis Hwy: 10,600 VPD
E Texar Dr: 9,100 VPD
The location provides direct connectivity to Interstate 110 and is only minutes from Interstate 10, enhancing regional access and consumer draw.
Demographics (3‑Mile Radius):
2025 Population: 64,784
Daytime Population: 78,474
Households: 25,586
Avg. HH Income: $97,844
Median Age: 37.2
Pensacola is characterized by:
- A diverse population and significant military presence
- Strong employment anchors including aerospace, defense, healthcare, cybersecurity, and manufacturing
- Major institutions such as Naval Air Station Pensacola, University of West Florida, Pensacola State College, and Pensacola Christian College.
The city also offers robust tourism and cultural attractions such as Historic Pensacola Village, the National Naval Aviation Museum, Pensacola Lighthouse, and a vibrant downtown corridor along Palafox Street.
Investment highlights
- Fee Simple ownership with enhanced depreciation opportunities
- Absolute NNN lease – zero landlord responsibilities
- Freestanding retail building with dual medical‑use tenancy (Trulieve + DocMJ)
- High‑profile hard corner site at N Davis Hwy & E Texar Dr
- Large parking field with 30 dedicated spaces
- Strong daytime population of ~78,000 employees within 3 miles
- Excellent regional access to I‑110 and I‑10 corridors
- Credit‑worthy tenant with $1.2B revenue and dominant Florida market share (48%)
- Long‑term lease stability with 9+ years remaining and 2% annual increases
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