Single-tenant net-lease retail building sells for $9.8M
JLL Capital Markets closed the sale of the retail property occupied by Academy Sports in a popular retail node in Jacksonville, Florida
ORLANDO, Feb. 8, 2021 – JLL Capital Markets announced today that it has closed the $9.8 million sale of Academy Sports at Southside Square, a 77,994-square-foot, single-tenant retail building net leased to Academy Sports in Jacksonville, Florida.
JLL marketed the property on behalf of the seller, Sleiman Enterprises. A private investor purchased the property.
With more than 250 locations, Academy Sports carries a wide range of quality hunting, fishing and camping equipment; patio sets; and barbeque grills, along with sports and recreational products. The retail building was constructed in 1991 and renovated in 2003 and again in 2013, which is when Academy Sports began its long-term occupation of the property. The retail building anchors Southside Square, an approximately 440,000-square-foot retail property occupied by a mix of national, big box, restaurant and service tenants. Academy Sports and the Southside Square tenants experience exceptional cross shopping from the combined 2.2 million customers that visit the center every year.
Situated on 5.43 acres at 9041 Southside Blvd., the property is in the southernmost retail node in Jacksonville, The Avenues / Southside, the primary shopping destination for St. Johns County residents. Eight hundred homes with an average annual household income of $94,800 have immediate access to the center.
“Academy Sports has been a bright spot as consumers seek a reprieve from the pandemic through fitness and the outdoors,” Brewster said. “Capital has coalesced around the active-outdoor industry, and specifically Academy Sports, following two credit rating upgrades last year.”
JLL Research found that net lease assets captured nearly a fifth of all commercial real estate investment activity in the second and third quarters of 2020, doubling the average over the last cycle.
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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sleiman Enterprises
Sleiman Enterprises is one of Florida’s largest privately held real estate companies owning and managing more than 5 million square feet of retail space in Florida and the southeast United States. Sleiman Enterprises was founded in 1955 and is based in Jacksonville, Florida. The company has a team with a collective experience of over 200 years in commercial real estate, offering a breadth of services that include leasing, management, development and acquisitions in the southeast United States.