Stiles JV Sells Jacksonville-Area Retail Asset

Parkway Village at St. Johns. Image courtesy of JLL Capital Markets

A joint venture between Stiles Corp. and Cantrell & Morgan has sold Parkway Village at St. Johns, a 52,070-square-foot retail center in St. Augustine, Fla., with the assistance of JLL Capital Markets. A private investor acquired the asset, that also includes two outparcels leased to Heartland Dental and Starbucks, for $24.1 million.

Completed by Stiles and Cantrell last year, the shopping center is anchored by a 35,413-square-foot Publix supermarket, which represents 68 percent of the property’s gross leasable area. The store features a beer and wine tasting center, deli section and second-floor terrace with outdoor seating.

Other tenants at the fully leased Parkway Village include Supercuts, Orange Theory Fitness and The Loop, among others. The weighted remaining contract leases average more than 13.5 years.

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Situated at the intersection of International Golf Parkway and Commerce Lake Drive, Parkway Village at St. Johns is part of World Commerce Center, a 1,000-acre development of regional impact. At full build-out, the mixed-use property will feature 2.1 million square feet of office space, 1.2 million square feet of industrial space, 950 hotel rooms and 1,200 residential units.

The retail center sits in a trade area located 30 miles south of downtown Jacksonville, Fla., and 2 miles from World Golf Village, having nearly 1.6 million yearly visits. Parkway Village at St. Johns serves a population with an average household income of $142,371 within a 3-mile radius.

Jacksonville, a growing retail market

Jacksonville’s retail sector fully rebounded from the pandemic, driven by record population growth and restored consumer confidence, resulting in robust overall performance, according to Jacksonville Daily Record. In the fourth quarter of last year, the metro saw nearly 600,000 square feet of new retail space delivered; another million square feet of new construction was planned or underway as of January.

JLL Senior Managing Directors Danny Finkle, and Alex Sharrin, Senior Directors Eric Williams and Jorge Portela, Director Jeff Cicurel and Vice President Kim Flores led the Investment Sales and Advisory team that brokered the transaction on behalf of the joint venture. In a prepared statement, Finkle said that the features of the site, upgrades and tenants guarantee the asset’s long-term viability.