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Jax Retail Sells at 11% Cap Rate

JACKSONVILLE, FL—“The center was 100% leased at the time of sale and sold in less than 60 days,” Nick Prevolos, a Franklin Street investment associate, tells GlobeSt.com's Jennifer LeClaire.

By Jennifer LeClaire | Updated on June 19, 2014

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.

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