The St. Joe Company (NYSE:JOE) yesterday announces an executed lease with Starbucks for a new location to be built on the corner of Highway 98 and Richard Jackson Boulevard in Panama City Beach, Florida. The new Starbucks store will be located adjacent to St. Joe’s existing office complex known as the Beckrich Office Park.
“We are excited to bring another Starbucks to the Panama City Beach market,” said Jorge Gonzalez, President and Chief Executive Officer of St. Joe. Mr. Gonzalez added, “We look forward to working with Starbucks on its newest store, offering a convenient location for travelers and residents of Panama City Beach, in close proximity to numerous St. Joe projects as well as our commercial office buildings where we lease space to multiple tenants. We also like that we are layering a new income producing asset on top of an existing income producing asset, which is a model that maximizes value.”
With current occupancy of the Beckrich Office Park at 96%, St. Joe anticipates future development at the office park. Construction on the new Starbucks is expected to begin by the end of February.
Logos, product and company names mentioned are the property of their respective owners.