$24.1M sale of Publix-anchored retail center in Jacksonville MSA closes
JLL Capital Markets arranged the sale of the newly constructed Parkway Village at St. Johns in St. Augustine, Florida
MIAMI, Jan. 26, 2023 – JLL Capital Markets announced today that it has closed the $24.1 million sale of Parkway Village at St. Johns, a newly constructed, 52,070-square-foot, Publix-anchored retail center with two outparcels leased to Heartland Dental and Starbucks located within the Jacksonville MSA in St. Augustine, Florida.
The center was developed in 2022 by joint venture partners Stiles and Cantrell & Morgan. JLL represented the seller, Stiles Corporation and Cantrell & Morgan, and a private buyer acquired the asset.
Representing 68% of the GLA, the 35,413-square foot Publix at Parkway Village at St. Johns features the new “Publix Unique” concept, which includes high-end finishes throughout the store, a beer and wine tasting center, an enhanced deli section and a second-floor terrace with outdoor seating. In addition to Publix, the 100-percent-leased center is occupied by a mix of national and local retailers, including Supercuts, Orange Theory Fitness, The Loop and Starbucks and Heartland Dental on outparcels. The WALT of the property is over 13.5 years
Situated at International Golf Parkway and Commerce Lake Dr. within an expansive trade area, the property is part of the World Commerce Center development, which sits on nearly 1,000 acres and will be home to 2.1 million square feet of office, 1.2 million square feet of industrial, 950 hotel rooms and 1,200 residential units. The center benefits from an average household income of $142,371 within a three-mile radius and has approximately 1.6 million annual visitors. Additionally, the center is located 30 miles south of Downtown Jacksonville and is less than two miles away from World Golf Village.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Danny Finkle, and Alex Sharrin, Senior Directors Eric Williams and Jorge Portela, Director Jeff Cicurel and Vice President Kim Flores.
“The Stiles and Cantrell & Morgan teams developed a best-in-class Publix-anchored center in one of the most exciting and fast-growing areas on the Jacksonville MSA” said Finkle. “The outstanding quality of the location, improvements, and tenancy made this a highly coveted acquisition opportunity and ensure the long-term success of this shopping center.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stiles Corporation
Established in 1951, Stiles is a full-service real estate development firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 50 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. Stiles is headquartered in Fort Lauderdale and maintains offices throughout Florida and in Charlotte, North Carolina. Learn more about Stiles at stiles.com.
About Cantrell & Morgan Corporation
Cantrell & Morgan, Inc. is a full service commercial real estate firm based in Jacksonville, Florida specializing in the development, leasing and management of retail properties in the Southeastern United States. Over the past quarter of a century, Cantrell & Morgan, Inc. has benefitted from their team’s long-term relationships and expertise, providing consistent returns and solutions for their clients.