Grocery-anchored retail center in Jacksonville trades
JLL Capital Markets completed the sale of a dominant shopping center anchored by Publix and Total Wine & More
MIAMI, July 1, 2021 – JLL Capital Markets announced today that it has closed the sale of St. John’s Town Center North, a fully leased, 113,139-square-foot, dominant shopping center anchored by Publix and Total Wine & More in Jacksonville, Florida.
St. John’s Town Center North is situated on 14.19 acres at 4413-4507 Town Center Parkway North adjacent to St. John’s Town Center. The property has easy accessibility to Interstate 295 along with premium frontage and visibility along Town Center Parkway North, exposing the center to more than 44,000 vehicles a day. The dominant center is surrounded by a growing affluent customer base of 556,654 residents within a 10-mile radius, and the immediate surrounding area has seen explosive growth with more than 6,880 residential units added since 2013.
Constructed between 2006 and 2007, St. John’s Town Center North is fully leased to anchors Publix, the most sought-after grocery anchor in the Southeast, and Total Wine & More, along with a carefully curated line-up of national and regional retailers, restaurants, and service providers, including Aveda, Five Guys Burgers and Fries, Weight Watchers, Pearle Vision, Hotworx and Sports Clips. The center also has three outparcel pads occupied by a Tropea Dental Care, 145-degree Seafood Boil and a national bank.
The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Danny Finkle and Senior Director Eric Williams.
“St. John’s Town Center North is a unique asset, given its combination of strong traffic generating anchors in Publix and Total Wine, a number of highly desirable small shop tenants and a prime location within one of the Southeast’s strongest retail submarkets,” Finkle said. “Grocery-anchored centers of this scale and quality are rare, and St. John’s Town Center North was a coveted acquisition opportunity.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About American Realty Advisors
American Realty Advisors, LLC (“ARA”), headquartered in Los Angeles, CA, is a private equity real estate investment manager working on behalf of institutional capital and has over $10.1 billion in assets under management. Through a series of offerings of core, core-plus, and value-add strategies, including equity, debt, preferred equity, and mezzanine and hybrid debt, ARA invests in a wide range of opportunities in office, retail, industrial, residential, and other property types nationwide.
More information regarding ARA can be found at aracapital.com.
About Core Investment Properties Fund
CORE is a private investor of grocery-anchored and experience-oriented retail properties located in major Florida markets with a focus on long term value creation for investors. CORE and its principals own, manage and lease over 2,00,000 square feet of properties and have additional investments in technology, investment management and other ventures.