Live Oak Village Shopping Center
New Listing: 107,000 SF Bealls & Home Centric Anchored Center | 8.1% CAGR | Outparcel Opportunity
Marketing description
Colliers, as exclusive broker, is pleased to present Live Oak Village Shopping Center, a 107,065 SF retail center anchored by a dual-branded Bealls and Home Centric, Highpoint Church, YMCA, and Dollar General in the affluent coastal community of Gulf Breeze, FL. A tenant for 28 years, Bealls and Home Centric (added in 2022) occupy 25,000 SF at a low blended base rent of $8.06 PSF, well below market. Tenant paid percent rent for five consecutive years, including $60,214 ($2.41 PSF) in LYE April 2026 based on sales of $4.2 million ($168 PSF, 6.1% health ratio).
The Property features a rare opportunity to re-position between 21,000 – 27,000 SF, related to space leased to Highpoint Church that opened in 2022 and expanded as its congregation and donor base grew. The lease provides stability through May 2029 with mutual termination rights (Landlord: 6 months; Tenant: 12 months) at a below market $6.50 PSF NNN base rent with favorable $1.00 PSF increases annually, creating meaningful re-tenanting and rent upside.
With a 5-year CAGR of 8.1%, Live Oak Village creates an exceptionally rare opportunity to add $542,000+ in base rental revenue within 5 years, one of the most compelling near-term NOI growth stories in the market. Both YMCA (predecessor) and Dollar General and the majority of shop tenants are long-tenured, well-established businesses with renewal history, yet pay rents 25-50% below market with few remaining renewal options, offering massive mark to-market opportunities. Combined with 3,100 SF of vacancy and an included 0.53 acre outparcel development opportunity, these dynamics deliver significant rent growth and merchandising upside in an entirely high-barrier, supply-constrained market.
Investment highlights
STRONG MARK-TO-MARKET, OUTPARCEL & ANCHOR REPOSITIONING OPPORTUNITY
- Highpoint Church (23,759 SF), a tenant since 2022, pays below-market rent under a lease with termination flexibility, enabling re-anchoring of 21,000–27,000 SF when combined with adjacent vacant space
- 0.53-acre outparcel included; prior $1.0M QSR purchase interest underscores value upside
- 7 of 8 shop tenants are seasoned operators with renewal history; all expire within 5 years with no remaining options and pay 25–50% below market rents
- 3,100 SF vacancy available for immediate lease-up
- 5-year CAGR of 8.1%, not including upside from the included development outparcel
LONG TENURED, STRONG PERFORMING MAJOR TENANTS AT BELOW MARKET RENTS
- Bealls (15,000 SF) has been a tenant for 28 years and expanded with a 10,000 SF HomeCentric in 2022; the renovated dual-branded store generates strong sales resulting in a low 6.1% health ratio while paying approximately 40%+ below-market rent
- YMCA (12,000 SF) assumed a 35-year operating fitness location in 2022, invested over $2M in improvements, and extended its lease through 2039
- Dollar General (7,200 SF) has been a tenant for 29 years, operates at a low 6.4% health ratio, pays approximately 30% below-market rent, and has one remaining 5-year renewal option
AFFLUENT, SUPPLY-CONSTRAINED GULF BREEZE LOCATION
- Pensacola, the largest MSA in the Florida Panhandle, has 540,000 residents and is projected to grow 4.1% over the next five years
- $153,000+ average household income within a 10-minute drive
- Positioned along Gulf Breeze Parkway (US 98) with 42,000 VPD, featuring signalized access and three points of ingress/egress
- Serves as the center of gravity for the Gulf Breeze community, surrounded by schools (3,800 students) and Gulf Breeze Hospital
- Benefits from 2.5M annual beach tourists, supported by strong Pensacola MSA fundamentals (540,000+ population)
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
