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Parkway Village in St. John’s. Image credit: JLL Capital Markets
joint venture between Styles Corporation. When Cantrell & Morgan Sold Parkway Village in St. John’s, a 52,070 square foot retail center in St. Augustine, Florida. JLL Capital MarketsA private investor acquired assets for $24.1 million, including two Outparcels leased to Heartland Dental and Starbucks.
Completed last year by Stiles and Cantrell, the shopping center centers around a 35,413-square-foot Publix supermarket, which accounts for 68% of the property’s total leasable area. Inside, there’s a beer and wine tasting center, a deli section, and his upstairs terrace with outdoor seating.
Other fully leased Parkway Village tenants include Supercuts, Orange Theory Fitness and The Loop. Weighted remaining contract leases average over 13.5 years.
read also: What will retail look like in 2023?
Parkway Village in St. John’s, located at the intersection of International Golf Parkway and Commerce Lake Drive, is part of the World Commerce Center, a 1,000-acre development that affects the area. Upon completion, the mixed-use facility 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 is located 30 miles south of downtown Jacksonville, Florida, and two miles from World Golf Village, and is visited by nearly 1.6 million people annually. St. John’s Parkway Village serves residents with a median household income of $142,371 within a 3-mile radius.
Jacksonville, a growing retail market
Jacksonville’s retail sector has fully recovered from the pandemic, boosted by record population growth and improved consumer confidence, with solid overall performance. jacksonville daily recordAbout 600,000 square feet of new retail space was delivered to Subway in the fourth quarter of last year. As of January, he also has 1 million square feet of new construction planned or underway.
JLL’s senior managing directors Danny Finkle and Alex Sharin, senior directors Eric Williams and Jorge Portela, director Jeff Sicurel and vice president Kim Flores will form an investment sales and advisory team to broker deals on behalf of the joint venture. led. In a prepared statement, Finkle said the site, upgrades and tenant functionality will ensure the long-term viability of the asset.
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