JLL closes $23.3M sale of The Shoppes at Southside
The Jacksonville retail center is anchored by Best Buy and Urban Air Trampoline and Adventure Park
ORLANDO, October 15, 2019 – JLL announced today that it has closed the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot, fully leased retail center anchored by Best Buy and Urban Air Trampoline and Adventure Park in the Southside submarket in Jacksonville, Florida.
JLL marketed the property on behalf of the seller, Brixmor Property Group. CORE Investment Management purchased the asset.
The Shoppes at Southside comprises a main building with the anchors and David’s Bridal; a strip building occupied by Cold Stone Creamery, Deerwood Jewelers and Moe’s Southwest Grill; and three separate parcels leased to Starbucks, Chick-fil-a and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Boulevard, the center is accessible to Interstate 95, US 1 and Southside Boulevard, exposing it to about 209,000 vehicles per day. The property is in the Southside Retail submarket and adjacent to both the 1.1 million-square-foot Avenues Mall and the nine-building, 90-acre Gramercy Woods office park. More than 53,700 residents earning an average annual household income of $91,039 live within a three-mile radius of the center.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Director Michael Brewster.
“The Shoppes at Southside is a very successful retail property surrounded by some of the region’s most significant demand drivers and serving both Duval and St. Johns Counties,” Leonhardt said. “Brixmor strategically backfilled the former Sports Authority space into one of the hottest new family entertainment concepts in Urban Air Trampoline and Adventure Park on a long-term lease, setting up an ideal investment opportunity for CORE Investment Properties Fund to acquire their second Jacksonville-area shopping center.”
“The Jacksonville market is on fire, and JLL is seeing numerous transaction opportunities in Jacksonville, especially in multi-housing, office, industrial and retail,” Peterson added. “This is the 10th capital markets transaction that JLL has completed in the Jacksonville market in 2019.”
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 422 retail centers comprise approximately 73 million square feet of prime retail space in established trade areas. The company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to more than 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. For more information, visit brixmor.com.
CORE is a private investor of primarily value-add retail and office properties located in primary and secondary MSA markets of Florida and the southeastern United States. CORE and its affiliates own more than one million square feet of properties throughout the region and target experience-oriented properties with existing cash flow and upside potential through active management. CORE leverages their experience for investors and provides an opportunity to invest in their Core Investment Properties Fund aiming to provide investors steady income with upside potential. Additionally, Core has investments in technology, management and other ancillary Real Estate ventures. Visit coreipf.com to learn more.