Commercial Real Estate, Capital, Insurance, Leasing & Management

How the St. Johns Town Center is spurring growth in nearby submarkets

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Carrie Smith discusses how the success of the St. Johns Town Center has impacted real estate in North Florida.

Excerpted form Jacksonville Business Journal story.

The St. Johns Town Center is the epicenter of shopping for North Florida, boasting retailers like Apple, Louis Vuitton and Tesla that don’t have another store for a hundred miles. ¶ And it’s not just retail: Since it opened in 2005, the power center has attracted offices, apartments and amenities to the area. ¶ But what many people think of as “the Town Center” goes far beyond the Simon Property Group-owned open air mall. Over the past three years, the explosive growth has spilled into the surrounding area, with big names like Wawa, Ikea, Sprouts and Aldi all targeting the area for expansion. ¶ “What’s unique about the Town Center is that overwhelmingly, the volumes there are all above average on a national level,” said Franklin Street broker Carrie Smith. “What has made that project a success truly comes down to the location. You couldn’t pick better real estate.”

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