413–423 E 23rd St | Panama City, FL 32405Anchored Investment Opportunity
Shadow-anchored by a top 1% Home Depot and anchored by Ross and a new Boot Barn — 100% leased to national tenants on NNN leases.
Anchor lineup
The Home Depot
Shadow Anchor — not part of the offering
Ross Dress for Less
Anchor — Top 10% nationally
Boot Barn
Anchor — New 10-Year Lease
U.S. Coast Guard
National Tenant
The Home Depot is attached to and shadow-anchors Panama City Center; it is not a part of the offering.
01Investment Highlights
A growing Florida Panhandle market with a major tourism industry and major military installations. Panama City Center pairs a proven national roster with a rare mark-to-market opportunity.
A growing Florida Panhandle market home to a major tourism industry and major military installations like Tyndall AFB and Naval Support Activity Panama City, which support a robust local job market.
The modernization of base facilities created 120 new facilities approximately 12 miles east of Panama City.
Ranked #29 of 2,877 stores in the U.S. — the top 1% for consumer foot traffic — providing a proven regional consumer draw for adjacent tenants.
Ross alongside a brand-new Boot Barn, which recently backfilled the former Jo-Ann space on a new 10-year lease.
Ross pays below-market rent and has no remaining term or options after 2034, while ranking #181 nationally (top 10%) after approximately 23 years at the Property.
Bolstering stability and a buyer's ability to secure more attractive financing across the anchor lineup.
Surrounded by synergistic consumer draws including Burlington, Ulta, Five Below, Hobby Lobby, Lowe's, Target, bealls, JCPenney, Dillard's, Books-A-Million, PetSmart and Best Buy.
A 2.60% projected annual population growth from 2026 through 2031 within a mile of the Property, with an average household income of $91,890.
02Market Overview
Northwest Florida
Located along St. Andrews Bay in Northwest Florida, Panama City serves as Bay County's commercial, governmental and healthcare hub. The market benefits from a diversified economic base led by military and defense operations, tourism, healthcare, shipbuilding and advanced manufacturing.
Panama City is served by a deep-water port, an international airport and the region's primary highway network.
The largest and busiest medical center serving Panama City, located approximately one mile from the Property.
A deep-water port driving regional trade, shipbuilding and logistics activity across Bay County.
Located approximately 12 miles east of Panama City, the base recently underwent a massive modernization that created 120 new facilities.
The second-largest employer in Bay County and a center for naval coastal and littoral warfare training.
$91,890
Average Household Income
2026 Estimate | 1-Mile Radius
2.60%
Projected Annual Population Growth
2026–2031 | 1-Mile Radius
2.50%
Projected Annual Household Growth
2026–2031 | 1-Mile Radius
03Property Attributes
The Property is attached to and shadow-anchored by one of the top performing Home Depot locations in the entire country. Ranked #29 of 2,877 stores nationally and #6 in the state of Florida, it delivers a massive regional consumer draw for surrounding tenants within a rapidly growing residential market.
#29
of 2,877 in the U.S.
Top 1%
#6
of 241 in Florida
Top 2%
28+
years attached to the center
Proven draw
More than 28 years attached to Panama City Center — a proven, everyday consumer draw. The Home Depot is not a part of the offering.
Panama City Center sits at the signalized intersection of FL-77 and E 23rd Street (FL-368), surrounded by the market's dominant retail, dining and service draws.
30,630VPD
FL-77
34,500VPD
E 23rd St (FL-368)
65,130VPD
Combined at the intersection
1 mileaway
HCA Florida Gulf Coast Hospital
Surrounding retailers are not a part of the offering: Burlington, Ulta, Five Below, Hobby Lobby, Lowe's, Target, Dillard's, JCPenney, PetSmart, Ashley, Books-A-Million, Best Buy, Publix, T.J. Maxx, HomeGoods, Walmart, Academy Sports + Outdoors.
Though not a part of the offering, Panama City Center benefits from an array of busy national outparcels in front of and around the Property, providing an additional layer of consumer draw throughout the day.
05Tenant Highlights
A national credit anchor combination, a fully national roster on NNN leases, and leasing momentum that points toward future income growth.
Anchor
A top 10% performing store nationally, paying below-market rent — a rare mark-to-market opportunity.
Anchor
A brand-new anchor commitment that reset term and reaffirmed demand for the center.
NNN
Lease structure
3
National tenants
Passive
Ownership opportunity
6+ yrs
Avg. remaining anchor term
Anchor on an NNN lease.
Anchor on an NNN lease.
Federal government service user on an NNN lease.
The former Jo-Ann space was back-filled by Boot Barn on a new 10-year lease through 2036 — a direct signal of ongoing demand for space at the center.
Ross occupies a below-market rental position at a top 10% performing store, creating a path toward future NOI growth for an incoming owner.
Ross holds one remaining option and no remaining term or options after 2034, giving ownership future flexibility that is rare in a stabilized, fully leased center.
A 100% national roster on NNN leases delivers a low-maintenance, hands-off ownership scenario.
Detailed lease terms, rent schedules and financials are available to qualified investors upon execution of a confidentiality agreement.
06Gallery
Aerials, annotated site context and storefront photography of Panama City Center.
Click any image to expand
07Contact
Lease abstracts, financials, and complete demographic and foot-traffic reports are available to qualified investors. Reach the Matthews™ listing agents directly.
Senior Vice President
License No. SL3210522 (FL)
Senior Vice President
License No. 306418 (GA)
Senior Vice President
License No. 210921 (GA)
Associate Vice President
License No. 391741 (GA)
Broker of Record
License No. BK3554632 (FL)
Firm No. CQ1066435 (FL)
This material is a solicitation of interest and is not intended to constitute an offer. Matthews™ is acting as exclusive disposition agent; the owner reserves the right to withdraw the property from the market, change the price and terms, or sell the property at any time without notice. Neither owner nor Matthews™ warrants the accuracy or completeness of the information presented herein. Prospective purchasers are urged to conduct their own independent evaluation of the property, the market and the surrounding competitive environment.
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