CORE buys Jacksonville strip mall for $23m

by   CIJ USA
2019-10-17   15:20
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The Shoppes at Southside, a 112,613 sqf. retail center in the Southside submarket of Jacksonville, Fl. has been sold for $23.3 million. The buyer, CORE Investment Management, paid just under $207 per sqf for the asset located on Southside Boulevard. The 100-percent leased strip mall is home to national tenants Best Buy, Urban Air Trampoline and Adventure Park, Cold Stone Creamery, Moe’s Southwest Grill, Starbucks and Chick-fil-a. JLL marketed the property on behalf of the seller, Brixmor Property Group.

“The demand for retail investments in Jacksonville is very strong. The population growth rate of 6.9% is nearly twice the national average (3.6%), the employment growth rate ranks it seventh of major MSAs,” said Senior Managing Director Brad Peterson JLL,. “The strong population and employment growth combined with limited new retail development have translated into an extremely strong retail market.”