Brixmor sells center for $23 million in ‘hot’ Jacksonville market

Al Urbanski
Real Estate Editor & Manager
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Best Buy store

The Jacksonville market is “on fire” according to JLL senior managing director Brad Peterson, who this week closed on the sale of The Shoppes at Southside, a 13-acre property in the city’s Southside submarket.

“This is the 10th capital markets transaction that JLL has completed in the Jacksonville market in 2019,” Peterson said.

Brixmor Property Group sold the 112,600-sq.-ft., fully leased center to CORE Investment Management for $23.3 million. It is located on Southside Boulevard with access to I-95 and Route 1 and is adjacent to the 1.1 million-sq.-ft. Avenues Mall and the nine-building Gramercy Woods office park.

“Brixmor strategically backfilled the former Sports Authority space into one of the hottest new family entertainment concepts in Urban Air Trampoline and Adventure Park on a long-term lease, setting up an ideal investment opportunity for CORE,” said Whitaker Leonhardt, a member of JLL’s Capital Markets team.”

The Shoppes at Southside is CORE’s second acquisition in Jacksonville. Other tenants at the center include Best Buy, David’s Bridal, Cold Stone Creamery, and Moe’s Southwest Grill. Three outparcels are leased by Starbucks, Chick-fil-A, and Aspen Dental.