Jacksonville Retail Center Changes Hands for $63M

Hobby Lobby and Best Buy are among the anchor tenants at the 212,000-square-foot property.
The Strand. Image via Google Street View

Consolidated-Tomoka Land Co. has purchased The Strand, a roughly 212,000-square-foot shopping center in Jacksonville, Fla., for $62.7 million through a 1031 exchange. The new owner selected Colliers International to oversee the property’s leasing and management.

The Strand was 95 percent occupied at the time of the sale and has four anchor tenants: Hobby Lobby, 2nd & Charles, Best Buy and PGA Superstore. The property’s 20 in-place leases have a weighted average remaining term of 9.5 years.

The Strand is located in a vibrant retail district near the intersection of Interstate 295 and J. Turner Butler Boulevard., adjacent to Simon Property Group’s 1.4 million-square-foot, 150-tenant St. Johns Town Center. The area is home to many businesses: Yardi Matrix shows nearly 4.5 million square feet of office space within a mile of the retail asset, including McKesson Corp.’s 120,000-square-foot headquarters which traded in September.

This deal brings the firm’s acquisition activity up to 11 assets this year, totaling an aggregate investment amount of approximately $165 million. In May, Consolidated-Tomoka sold a 112,351-square-foot retail center in Winter Park, Fla., for nearly $20 million.