JACKSONVILLE, FL—Blanding Boulevard Shopping Center sold for $300,000 or $60.35 per square foot, at a 10.97% cap rate. Estephan's Grands bought the Jacksonville, FL retail asset from West East Properties in an all-cash deal.
Nick Prevolos, a Franklin Street investment associate, represented the West East, a small business owner that has been a tenant at this property for more than 30 years and will continue to operate there on a new 10-year lease. Estephan's is a local Jacksonville investor that plans to hold the asset long-term for the continued income stream.
“The center was 100% leased at the time of sale and sold in less than 60 days,” Prevolos tells GlobeSt.com. “A local investor bought this deal all-cash given the corner location on Jacksonville's major Westside thoroughfare, the long tenure of the tenants ranging from five-plus years to the former owner of 33 years, and leases in place that are at reliable market rates with very little turnover risk.”
Longstanding tenants include Journey's Salon, which has been in business at the center for more than 10 years. Star's Caribbean restaurant has been serving customers at this location for nearly eight years.
“Blanding Boulevard is a distinct corridor that is well known and traveled by a significant portion of Jacksonville residents including the local residents and workforce,” Prevolos says. “The center has great visibility, concrete block construction, and a dependable cash flow providing a stable return on investment.”
Prevolos says the seller was transparent about the property's condition and showed a strong history of positive net operating income. In the buyer's due diligence, he continues, it was evident that the shopping center would provide the amount of income required to commit at this price point.
Blanding Boulevard Shopping Center is located at 1901 Blanding Boulevard in Jacksonville. It sits at the Southeast corner of Blanding Boulevard and Shirley Avenue across from Riverside Village a Family Dollar-anchored shopping center. Two blocks North of San Juan and a quarter mile South of Saint John's Avenue, the shopping center is in the heart of Jacksonville's Lakeshore South submarket along the West bank of the Saint John's River.
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