JACKSONVILLE, FL—Four months ago, Showcase Plaza was mostly vacant. But the Jacksonville retail real estate owner turned it around in dramatic fashion and sold the asset to an out-of-market investor willing to bet on its future.

Located in Southwest Jacksonville, the once-distressed Showcase Plaza just sold for $960,000. The buyer bought the property in a 1031 exchange for $58.80 per square foot.

Carrie Smith and Adam Foret of Franklin Street Real Estate Services represented the seller, a privately-held company with commercial real estate holdings of more than 8 million square feet across 23 states. The seller purchased the retail asset a little over a year ago and invested more than $150,000 in renovations to address deferred maintenance and renovate the façade.