The Offering

JLL Capital Markets is pleased to present the opportunity to acquire Pine Forest, a single parcel +/- 12.29-acre development site located in the Pensacola - Ferry Pass - Brent MSA. Currently zoned Heavy Commercial/Light Industrial (HC/LI), the property sits within the Mixed-Use Urban (MU-U) overlay, which permits multifamily & residential use. Because the site sits within the overlay, multi-family residential is currently permitted as an approved use with a density up to 25 units per acre.

 

Positioned at the intersection of W 9 Mile Rd and Pine Forest Rd, the property is visible to more than 24,000 commuters from the surrounding area each day. Close proximity to Interstate-10 gives the property broad connectivity to nearby attractions and major markets spanning across the southernmost part of the United States. Pine Village is situated within a 15-minute drive between many major employers in Pensacola, including The Navy Federal Credit Union, which is undergoing a 7,000-employee expansion.

 

Development of the property allows access to a market with tremendous growth prospects. The Pensacola MSA has been in high demand as over 1300 units delivered in the last year while market rents have grown 18% since 2021. More than 36,000 residents are expected to migrate to the Pensacola area in the next five years, building on the 14% population growth in the last decade. The site boasts extreme convenience being close to a variety of amenities along W 9 Mile Rd. 9235 Pine Forest Rd offers a unique opportunity to provide top-notch product to an
emerging market known for its beautiful beaches and robust economy.

Illustrative 306-Unit Site Plan

Property Details

Address: 9235 Pine Forest Rd, Pensacola, FL 32544
Property Size: +/- 12.29 Acres
Current Zoning: HC/LI (Heavy Commercial & Light Industrial)
Jurisdiction: Escambia County
Permitted Uses: Residential, Retail, Light Industrial, Hotel
Maximum Density: 25 Units / Acre, 2.0 FAR

 

Investment Highlights

Zoned Development Opportunity for up to 307 Units: Subject to a Mixed-Use Urban future land designation, the property has the potential to deliver more than 300 premier units into the Pensacola market.

Excellent Visibility and Access to Major Interstate: Located along prominent W 9 Mile Rd, the property has direct access to Interstate-10, the fourth longest Interstate in the country.

Proximity to Amenities: Nestled in a prime location, the property offers the ultimate convenience being a stone’s throw away from Publix Supermarket, Walmart Neighborhood Market, and Starbucks.

Strong Rental Fundamentals: With market rent growing by 18% and a positive absorption of over 1,500 units since 2021, the subject property is located in an emerging market with upward momentum.

Strategically Located in a Growing Market: The Pensacola MSA has experienced population growth of almost 14% in the previous 10 years and is expected to grow by more than 36,000 people in the next five years, furthering demand for quality housing units.

Contacts

Jamie Smithson

Senior Director

Capital Markets

+1 404 942 2213

jamie.smithson@jll.com

Scott Cullen

Managing Director

Capital Markets

+1 404 995 2127

brian.dawson@jll.com

Conor Welton

Director

Capital Markets

+1 404 942 2222

conor.welton@jll.com  

Zach Nolan

Managing Director

Capital Markets

+1 813 387 9906

zach.nolan@jll.com

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