Parkway Village at St. Johns. Picture courtesy of JLL Capital Markets
A three way partnership between Stiles Corp. and Cantrell & Morgan has offered Parkway Village at St. Johns, a 52,070-square-foot retail middle in St. Augustine, Fla., with the help of JLL Capital Markets. A non-public investor acquired the asset, that additionally consists of two outparcels leased to Heartland Dental and Starbucks, for $24.1 million.
Accomplished by Stiles and Cantrell final yr, the buying middle is anchored by a 35,413-square-foot Publix grocery store, which represents 68 p.c of the property’s gross leasable space. The shop encompasses a beer and wine tasting middle, deli part and second-floor terrace with out of doors seating.
Different tenants on the absolutely leased Parkway Village embrace Supercuts, Orange Principle Health and The Loop, amongst others. The weighted remaining contract leases common greater than 13.5 years.
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Located on the intersection of Worldwide Golf Parkway and Commerce Lake Drive, Parkway Village at St. Johns is a part of World Commerce Middle, a 1,000-acre improvement of regional affect. At full build-out, the mixed-use property will function 2.1 million sq. ft of workplace house, 1.2 million sq. ft of business house, 950 resort rooms and 1,200 residential models.
The retail middle sits in a commerce space situated 30 miles south of downtown Jacksonville, Fla., and a pair of miles from World Golf Village, having almost 1.6 million yearly visits. Parkway Village at St. Johns serves a inhabitants with a median family earnings of $142,371 inside a 3-mile radius.
Jacksonville, a rising retail market
Jacksonville’s retail sector absolutely rebounded from the pandemic, pushed by document inhabitants development and restored client confidence, leading to strong general efficiency, based on Jacksonville Every day Document. Within the fourth quarter of final yr, the metro noticed almost 600,000 sq. ft of latest retail house delivered; one other million sq. ft of latest development was deliberate or underway as of January.
JLL Senior Managing Administrators Danny Finkle, and Alex Sharrin, Senior Administrators Eric Williams and Jorge Portela, Director Jeff Cicurel and Vice President Kim Flores led the Funding Gross sales and Advisory staff that brokered the transaction on behalf of the three way partnership. In a ready assertion, Finkle mentioned that the options of the positioning, upgrades and tenants assure the asset’s long-term viability.
