Single-tenant net-lease retail building sells for $9.8M

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.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster and Analysts Maddie Davis and Joseph Naas.

“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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