Jacksonville Shopping Center Trades for $25M
- Sep 27, 2016
By Irina Vrasmas
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