In the heart of St. Marys, Georgia near Jacksonville, Florida, Kings Bay Village—a prominent shopping center—has officially changed ownership, marking an exciting development despite the ongoing challenges in today’s capital markets. The shopping center has been sold to Zar Capital Group, an out-of-state investor, with the sale facilitated by the expert team led by Bryan Belk and John Tennant at Franklin Street.
This transaction highlights a growing interest among investors in the Southern Coastal Markets, even as rising insurance costs present hurdles. Originally built in 1982, Kings Bay Village spans a total of 83,211 square feet and is home to notable tenants like Bealls, Dollar Tree, Petsense, Verizon, and the U.S. Department of Veteran Affairs. With an occupancy rate of 83%, the center is poised for future growth and revitalization.
Key players in this successful transaction, Bryan Belk and John Tennant from the Franklin Street team, brought the deal together. “Despite the challenging capital markets environment, we were able to source a qualified 1031 buyer, demonstrating that the Southern Coastal Markets continue to attract investor attention,” Belk noted.
The new owners, Zar Capital Group, have ambitious plans to enhance Kings Bay Village by focusing on leasing the remaining vacant spaces within the center. Its strategic location near the U.S. Naval Submarine Base Kings Bay, which supports around 9,000 military personnel, offers significant opportunities for both growth and community engagement.
As Kings Bay Village embarks on this new chapter, it stands as a testament to Franklin Street’s resilience and expertise, proving that even in challenging times, opportunities for success abound. Stay tuned as we follow the developments of this vibrant shopping destination.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management, and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
