413–423 E 23RD ST | PANAMA CITY, FL 32405RETAIL INVESTMENT OPPORTUNITY
Anchor lineup
The Home Depot
Shadow Anchor
Ross Dress for Less
Top 10% nationally
Boot Barn
New 10-Year Lease
U.S. Coast Guard
Federal Government Tenant
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.
Growing panhandle market which is home to a major tourism industry and major military installations like Tyndall AFB and Naval Support Activity Panama City, which recently underwent a $4.5B massive modernization of its base facilities and injects billions into the local economy, supporting a robust local job market.
Providing a proven regional consumer draw for adjacent tenants at Panama City Center.
Ross pays well below market rent with no remaining term or options after 2034, while the brand-new Boot Barn provides additional stability through a new 10-year lease. Together, they create a highly unique combination of existing stability and a lucrative mark-to-market opportunity.
Highlighted by a 2.6% projected annual growth rate through 2030 within one mile of the Property and an avg. HH income of $91,890.
Further enhanced by Ross with 23 years of tenure at the Property and excellent foot traffic data, ranking it #181 in the nation — a top 10% store.
A testament to the ongoing viability of the Property within the Panama City market.
Surrounded by synergistic consumer draws, including Burlington, Ulta, Five Below, Hobby Lobby, Lowe's, Target, bealls, JCPenney, Dillard's, Books-A-Million, PetSmart, Best Buy and more.
Providing notable, intrinsic NOI growth for an incoming investor.
02Market Overview
Northwest Florida
Located along St. Andrews Bay, Panama City serves as Bay County's commercial, governmental and healthcare hub, supported by a diversified base of military and defense operations, tourism, healthcare, shipbuilding and advanced manufacturing.
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.
Click the aerial to expand
Panama City Center sits at the center of the market's dominant retail node, 2.5 miles from Downtown Panama City and roughly one mile from HCA Florida Gulf Coast Hospital.
$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
Panama City Center is attached to one of the top performing Home Depot locations in the country, delivering a regional consumer draw for the tenants alongside it.
Shadow Anchor
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, and roughly one mile from HCA Florida Gulf Coast Hospital.
30,630 VPD
FL-77
34,500 VPD
E 23rd St (FL-368)
65,130 VPD
Combined at the intersection
1 mile away
HCA Florida Gulf Coast Hospital
Panama City is served by a deep-water port, an international airport and the region's primary highway network.
Surrounding retail draws include Burlington, Ulta, Five Below, Hobby Lobby, Lowe's, Target, Dillard's, JCPenney, PetSmart, Books-A-Million, Best Buy, Publix, T.J. Maxx, HomeGoods, Walmart, Academy Sports + Outdoors.
Panama City Center benefits from an array of busy national outparcels in front of and around the Property, adding a layer of consumer draw throughout the day.
04Tenant Highlights
A national credit anchor combination, a fully national roster on NNN leases, and leasing momentum that points toward future income growth.
Anchor
in the U.S. — Top 10% nationally
in Florida — Top 23%
Top 10% national performance with below-market rent creates a rare mark-to-market opportunity.
Anchor
through 2036
A brand-new anchor commitment that resets term and reaffirms retailer demand for Panama City 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.
A large anchor box came available at a fully national center in the market's retail center of gravity.
Boot Barn committed to the space, reaffirming national retailer demand for Panama City Center.
The commitment reset anchor term on an NNN structure and lifted average remaining anchor term past six years.
The store is scheduled to open in late 2026, adding a fresh consumer draw alongside Ross.
Ross occupies a below-market rental position at a top 10% performing store, with no remaining term or options after 2034 — a path toward future income growth.
A 100% national roster on NNN leases delivers a low-maintenance, hands-off ownership profile.
Detailed lease terms, rent schedules and financials are available to qualified investors upon execution of a confidentiality agreement.
05Gallery
Aerials, annotated site context and storefront photography of Panama City Center.
Click any image to expand
06Contact
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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