5700 N Davis Hwy Office Suites | Retail for Lease

Property Description

Gaslight Square is a 10,740 SF multi-tenant building on 1.89 acres on the east side of N Davis Highway, with suites quoting $17.50/SF/yr plus $3.50 NNN.

Three suites are available. Units 3 and 4 are currently joined as a single 2,904 SF space and can be separated back into two suites of approximately 1,452 SF each, so the block works either for a tenant who needs the full footprint or for two smaller users. Unit 3 is available September 1, 2026 on a 36-month term. Unit 7 is available July 1, or sooner with 30 days’ notice to the current tenant.

The layout is efficient. Suites run 24 feet wide by 60 feet deep with no interior columns — a standard, well-proportioned bay that lays out cleanly for open-concept build-outs, with light carrying through the full depth. Nothing to design around, no wasted corners, and the whole floor plate is usable.

Parking is 8.4 spaces per 1,000 SF — roughly double a standard office ratio, and above what most medical users require. That opens the building to practices that get ruled out elsewhere on the corridor: dental, physical therapy, imaging, and other high-turnover appointment businesses.

The center is under active improvement by new ownership. New signage is installed, and roof, landscaping, and exterior work is partly complete with the balance scheduled within 60 days. No construction disruption to tenants is expected.

Location Description

Davis Highway is the north-south spine of Pensacola’s retail trade area, carrying roughly 28,000 vehicles per day past this address. The property sits between the Brent Lane and Airport Boulevard commercial nodes, under a mile from the I-110 interchange, so clients can reach it from downtown, the north county neighborhoods, or the medical district without crossing town. Pensacola International Airport is minutes away.

The immediate block is a working retail corridor rather than a quiet office park. Home Depot, West Marine, 7 Brew, and Smalls Sliders anchor the national side of the street, with local operators filling in around them — Sky’s Pizza, Craft Gourmet Bakery, Ichiban. That mix drives steady daytime activity and gives staff somewhere to go at lunch, which shows up in tenant retention more than people expect.

Broker’s Take — Mehdi Moeini, CCIM, CPM, MiCP

I’ve watched the North Davis corridor for two years, and the pattern holds: healthcare and professional services keep absorbing space here while pure retail drifts toward Airport Boulevard. The tenant mix in this center reflects that.

Current occupants are Lincare, the national durable-medical-equipment provider; Lil John’s Big & Tall, a specialty retailer established here for years; Pittman, Glaze & Associates on the professional office side; and CarBuyerUSA. Four tenants, four unrelated industries. I mention it because a center leaning on one sector empties all at once. This one won’t.

On rate — suites are quoting $17.50/SF NNN. Comparable second-generation space on this corridor runs $20 to $25. That’s a 12 to 30 percent gap, and it exists because the repositioning is mid-stream. Once ownership finishes the exterior work in the next 60 days, I don’t expect it to hold.

The flexibility is the other thing worth knowing. With Units 3 and 4 currently joined and separable, a tenant can take 1,452 SF now and expand into the adjacent suite later without moving. At $17.50 that optionality costs very little to hold.