Jacksonville net-leased retail properties trade

ORLANDO, Aug. 16, 2021 – JLL Capital Markets announced today that it has closed the sale of two single-tenant retail assets totaling 123,567 square feet and net leased to BJ’s Wholesale Club and Walgreens in Jacksonville, Florida.

JLL marketed the property on behalf of the seller, Sleiman Enterprises.

BJ’s anchors Atlantic-Kernan Shops, which is home to a diverse lineup of tenants. BJ’s Wholesale Club (NYSE: BJ) is a leading membership-only warehouse club operator in the eastern United States. Founded in 1984, the company pioneered the wholesale club model in New England and currently operates 221 locations. Walgreens occupies an outparcel pad at the Atlantic-Kernan Shops and is a global leader in retail pharmacy with more than 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands.

Situated on 6.86 acres at 12200 Atlantic Blvd., the BJ’s Wholesale Club and Walgreens are at the high-traffic intersection of Atlantic and Kernan Boulevards, where they are seen by 78,000 vehicles per day. BJ’s is the only membership warehouse club serving an extended, affluent Northeast Jacksonville trade area, which includes more than 112,000 residents earning average household incomes exceeding $100,000. It is also five miles from the third-largest naval facility in the U.S., which employs more than 15,400 residents.

The JLL Retail Capital Markets team that represented the seller was led by Director Michael Brewster, Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt.

“BJ’s experienced multiple credit rating upgrades in 2020, which enhanced the already-strong investor interest for necessity retailers,” Brewster said. “Recent long-term renewals from both tenants unlocked tremendous value for the buyer and seller.”

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 sales 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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