Excepted from Florida Times-Union story.
A Jacksonville-based private investor is the new owner of the Regency Point retail center across the street from Regency Square mall, according to commercial real estate firm Franklin Street
, who represented the seller, Sand Capital of Phoenix.
The sale of 51,381-square-foot retail center at 9430 Arlington Expressway was for $8.3 million. Franklin Street
said the unidentified buyer plans to hold onto the property for the long term.
Built in 1981, the newly renovated Regency Point shopping center features a tenant mix including Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile.
“Our client was able to upgrade the façade, parking lot and property lighting, which attracted a national tenant lineup to the center,” said John Tennant
, senior director for Franklin Street’s
“Traditional mall tenants are re-evaluating their real estate portfolios,” said Bryan Belk
, senior director of retail investment sales at Franklin Street.
“In some cases, tenants are deciding that it’s better for them to be in a retail strip center with excellent road visibility like Regency Point, instead of in mall locations where foot traffic is decreasing.”
For full story, visit https://www.jacksonville.com/business/20191218/private-jacksonville-investor-acquires-regency-point-shoppting-center