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.”