Locally based Brothers Five sold the property for $117.64 per sf. The cap rate was 9.34% and "represents a confirmation of the growing emergence of Jacksonville as an increasingly desirable investment market," says Martin Forster, a partner of the Pocklington, Pocklington & Forster Group in Marcus & Millichap's Orlando office.

"We believe this transaction is going to cement the downward trend in capitalization rates and validate the increasing value of stabilized retail properties in the Jacksonville market area," the broker says.

University Center South is on the east side of University Boulevard between Interstate 95 and Beach Boulevard. Tenants in the three-building properties include Firehouse Subs, Hala Café and American General Finance.