33Hundred – Navy Federal Credit Union: Renovate-to-Suit

Location of Project:
3300 North Pace Boulevard, Pensacola, Florida

Property Type: Call Center/Office
Property Size: 80,000 SF
Land Size: 6.97 Acres
Investor Status: 113.16% IRR

Granger Development purchased this property in May 2012. The existing tenant who had occupied the property for over a decade was no longer using the building due to downsizing and had less than six months left on the existing lease. The acquisition was completed with no replacement tenant in place. Within six months of acquisition Granger Development had secured Navy Federal Credit Union as a replacement tenant for the entire building. Substantial renovations and improvements were made to the building to accommodate Navy Federal’s requirements for a Class A space and workplace environment prior to their occupancy. Granger Development sold the property to an out-of-state investor in January 2015.