Category Archives: Single Tenant Net Leased (STNL)

Red Robin & Aldi Headed to Town Center Promenade

Town Center Promenade, Core Property Capital’s development across from St. Johns Town Center, will feature Northeast Florida’s first Red Robin Gourmet Burgers, as well as Aldi’s second Jacksonville location. Other retailers who will be joining them include Texas de Brazil, Piada Italian Street Food, Newk’s Eatery, Starbucks, Aspen Dental and Mattress Firm. In addition to the retail, Core plans to build 2 hotels and multifamily along the rear portion of the property.

Roger Bull with the Florida Times Union covered the story.

Notable Sales Between 1/11/16 & 1/15/16

Colliers sold the Tuffy Automotive in Palm Coast for $2.42M. The building is 7,000 SF and leased to Tuffy on a NNN basis, with 10+ years remaining on the lease. The building also featured a small chiropractors office. The building traded within 4% of the list price.

121 Financial purchased a building at 701 Riverside Park (Riverside submarket) for $3.4M. The community credit union will move their headquarters to the building. The building is 3 stories, 43,170 SF and was built in 1980. Colliers represented the buyer in the transaction.

The Elks Building located in downtown sold for $4.5M, or $158/SF, to a CA buyer. The building was 92% leased at the time of the sale; tenants included Jimmy Johns, Bark and First Stop Urgent Care.

Terraces at Town Center sold for $39M or $144,444/unit. The 270 apartments were built in 2013. The land sold for $12.9M in 2007.

Colliers Int’l NE FLA Brokers Sale of Net-Leased IHOP for $2.76M (Full Price)

Colliers International Northeast Florida just brokered the sale of a net leased IHOP, located on Atlantic Boulevard in Jacksonville, FL. IHOP had 13 years remaining on its absolute NNN lease, and was sold to a private investor out of Brazil. Colliers represented the seller and was able to generate multiple offers and ultimately sold the property at full asking price, which equated to a 5% cap rate.

Contact the Investment Services Team for more information on this sale.

S FLA Firm Buys Southside Warehouse at $55/SF

The Eisenberg Group of Companies, via Western Way JAX LLC, bought the 53k SF single-tenant warehouse leased to Carrier Corp. at 8691 Western Way, for $2.925M, or some $55/SF.  Karen Brune Mathis of The JAX Daily Record has the article here, including a profile on the buyer.

600-Home Community Planned for South JAX…And More

Roger Bull of The Florida Times-Union reports in his Sunday Business Notebook that Eastland Partners is planning a 650-home single family (only) residential community called Wells Creek, on Philips Highway, about 1.5 miles south of Florida 9B.  No multi-family and no retail according to the zoning application and expected pricing will be in the upper 200’s.

Other deals:

  • former Peterbrooke chocolate factory at 1458 San Marco Blvd. sold for $104/SF.
  • Ace Hardware is taking the long-vacant former Eckerd Drug store at 150 San Marco Ave. in St. Augustine.
  • Scottish Inn Partnership of OKC paid $72k/key for the TownePlace Suites by Marriott at 4801 Lenior Avenue off JTB.
  • VST Holdings of Brooklyn NY paid $4.35M for the Chase Bank at 1515 Atlantic Blvd in San Marco.
  • A Colorado-based investor paid $4.91M for the building housing Visionworks and Burger Fi at 4890 Big Island Drive near St Johns Town Center.

Fifth Third Bank Closing Almost 10% of its Branches

I say the beginning of a major trend in retail banking and should make some branch bank owners nervous about their BofA, Wells, etc. “long-term” NNN leases…  Fifth Third Bank announced it is closing 100 of its 1,303 branches it has in some dozen states.  Smartphones, internet banking, scanning deposits, ATMs – when was the last time you went inside your bank?   Steve Watkins of The Cincinnati Business Courier has the story here.

AMC Theater at Regency Square Mall Sold to Kansas City Based REIT

The 24 screen AMC movie theater located at Regency Square Mall sold on Monday, May 25th for $26.2 million. The seller, Namdar Realty Group and Mason Asset Management out of Great Neck, NY, bought Regency Square Mall, which included the theater, in early 2014. After purchasing the theater the owners started a $2.9 million renovation, including upgraded seating and full bar. The buyer is EPR Properties, a REIT based in Kansas City who focuses on entertainment, recreation and education property assets. The company also owns the building on Philips Highway leased to Latitude 30.

Coach Distribution Center Up For Sale

The 852k SF Airport-area building which houses Coach, the luxury goods retailer, and is leased to the retailer for another 13 years, is for sale and expected to fetch a price of about $90M, or over $100/SF.  Karen Brune Mathis of The JAX Daily Record has the announcement.

Dollar General Store On 103rd St Sold for $1.675M

The Dollar General Store at 9156 103rd Street on JAX’ Westside sold at $1.675M to a California-based trust.  Not bad for the seller who bought it for $1.367M in 2010, a 23% profit.  Roger Bull mentions it in his Sunday Notebook for The Florida Times-Union, along with what does one do with Regency Square Mall; here is an idea – a 35k SF auto museum.

Two Big Single-Tenant Sales – FedEx and GE Oil & Gas

Two big sales, totaling $88M, closed this past week with FedEx at Cecil Commerce Center selling at $30.65M or $103/SF to Monmouth and the GE Oil & Gas building sold to Realty Income for $57.6M or $113/SF.  Both are long term single-tenant net leased assets.  Karen Brune Mathis of The JAX Daily Record has the announcement.