Six property portfolio in Jacksonville sold to first real estate investment trust focused on convenience retail
JACKSONVILLE, FLORIDA — Today, Franklin Street announced that its investment sales team closed the largest strictly convenience retail portfolio transaction the company has tracked at a sale price of $86.3 million. The portfolio includes six properties across the Jacksonville, Florida market. The tenant makeup included a mixture of national tenancy and daily service providers including Starbucks, Dunkin’, Verizon, Wingstop, First Watch, and Pet Supermarket among others. Franklin Street brokers Bryan Belk & John Tennant, both Managing Directors with the firm, represented a local private investor. The portfolio was purchased by Curbline Properties Corp., the first publicly traded real estate investment trust focused on convenience real estate. This portfolio was Curbline’s biggest acquisition to date.
“Institutional capital is flooding into the convenience retail investment category and this portfolio was highly sought after,” Bryan Belk, Managing Director of Retail Investment Sales, for Franklin Street said. “We are seeing the most amount of investor activity within this category in the retail space. The convenience retail properties in this portfolio are located in mature submarkets, that have ease of access, visibility, and the ability to push rents. These factors, combined with traditionally low turnover and the higher built-in rent increases for this asset class, make convenience retail investments highly attractive to investors in today’s market.”
Curbline Properties Corp. was spun off from SITE Centers on October 1, 2024 and its New York Stock Exchange ticker symbol is “CURB.” Curbline Properties Corp. Is an owner of convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. Properties within the portfolio averaged 45,000 cars in daily traffic. Locations include Carrie Plaza (25,901 SF), Deerwood Station (31,251 SF), Julington Square (31,207 SF), Oakleaf Crossing (8,014 SF), Southlake Plaza (32,067 SF), and Roosevelt Plaza (59,240 SF). The portfolio attracted double digit competitive bids.
“Due to the increase in the cost of new construction, it is very difficult to replicate assets like these,” John Tennant, Managing Director of Retail Investment Sales for Franklin Street, said. “Institutional groups are looking for investment opportunities with low risk and a potential for strong net operating income growth. Convenience retail is an asset class our team is focused on, and we expect more activity on these types of properties in the coming year.”
Jacksonville was the 4th fastest growing city in the country from 2022 to 2023, adding 14,000 people, and has had a 5% annual growth rate since COVID. There are 150 corporate, regional, and divisional headquarters that operate in the Jacksonville region, and Jacksonville was recently ranked as the second hottest job market in the country by the Wall Street Journal.
Six property portfolio in Jacksonville sold to first real estate investment trust focused on convenience retail
About Franklin Street:
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service.
