Jacksonville Shopping Center Trades for $25M

The 113,000-square-foot asset is currently 100 percent leased and is anchored by Fresh Market and Stein Mart.

By Irina Vrasmas

Harbour Village, Jacksonville, Florida
Harbour Village, Jacksonville, Florida

Jacksonville, Fla.—The Harbour Village shopping center in Jacksonville changed hands for almost $24.9 million. The seller was a joint venture between MMG Equity Partners and Global Fund Investments. According to the Jacksonville Business Journal, the property was bought by Cincinnati-based Phillips Edison & Co.

Senior Vice Presidents Dennis Carson and Casey Rosen of CBRE’s National Retail Investment Group, Florida team, handled the transaction on behalf of the owner.

The asset was previously purchased through a non-performing loan secured from a special servicer in April 2011 for $12.6 million, and changed owners through foreclosure. At the moment of the foreclosure, the shopping center was 86 percent occupied. Through a concerted leasing effort led by GFI, the joint venture managed to obtain 100 percent occupancy.

Harbour Village is a Class A, 113,000-square-foot retail center located at 13475 Atlantic Blvd., at the intersection with San Pablo Road and adjacent to Queen’s Harbour Yacht & Country Club. The property is currently anchored by Fresh Market and Stein Mart.

Image courtesy of MMG Equity Partners