{"id":1004374544,"date":"2019-12-11T05:37:57","date_gmt":"2019-12-11T13:37:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004374544"},"modified":"2019-12-11T05:37:57","modified_gmt":"2019-12-11T13:37:57","slug":"jacksonville-retail-center-changes-hands-for-63m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jacksonville-retail-center-changes-hands-for-63m\/","title":{"rendered":"Jacksonville Retail Center Changes Hands for $63M"},"content":{"rendered":"
\"\"<\/a>

The Strand. Image via Google Street View<\/em><\/p><\/div>\n

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.<\/p>\n

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.<\/p>\n

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<\/a> which traded in September.<\/p>\n

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<\/a> in Winter Park, Fla., for nearly $20 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hobby Lobby and Best Buy are among the anchor tenants at the 212,000-square-foot property.<\/p>\n","protected":false},"author":868,"featured_media":1004505625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1591,21742,21749],"tags":[33536,32763,39216],"class_list":["post-1004374544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-jacksonville","category-latest","category-retail","tag-1031-exchange","tag-colliers-international","tag-consolidated-tomoka-land-company"],"acf":[],"yoast_head":"\nJacksonville Retail Center Changes Hands for $63M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jacksonville-retail-center-changes-hands-for-63m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jacksonville Retail Center Changes Hands for $63M\" \/>\n<meta property=\"og:description\" content=\"Hobby Lobby and Best Buy are among the anchor tenants at the 212,000-square-foot property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jacksonville-retail-center-changes-hands-for-63m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-11T13:37:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Capture.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1706\" \/>\n\t<meta property=\"og:image:height\" content=\"857\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sergiu Inizian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-retail-center-changes-hands-for-63m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-retail-center-changes-hands-for-63m\\\/\"},\"author\":{\"name\":\"Sergiu Inizian\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/77efc8abfd11ea13ed9ee7a0e190eb2a\"},\"headline\":\"Jacksonville Retail Center Changes Hands for $63M\",\"datePublished\":\"2019-12-11T13:37:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-retail-center-changes-hands-for-63m\\\/\"},\"wordCount\":196,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-retail-center-changes-hands-for-63m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Capture.jpg\",\"keywords\":[\"1031 Exchange\",\"Colliers International\",\"Consolidated-Tomoka Land Company\"],\"articleSection\":[\"Deals\",\"Investment\",\"Jacksonville\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-retail-center-changes-hands-for-63m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-retail-center-changes-hands-for-63m\\\/\",\"name\":\"Jacksonville Retail Center Changes Hands for $63M - 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