An Atlanta-based developer planning to add seven to eight stand-alone retailers or restaurants next to the St. Johns Town Center has closed on the property.
Core Property Capital paid $23.5 million for 69 acres of land along Town Center Parkway, across from the center anchored by Publix Super Markets Inc., according to deeds filed in Duval County on Monday. The seller was a combination of HE Otter LLC, Skinner Charles Brightman Jr. Trustee and the Charles Brightman Skinner Jr. Living Trust.
The deal breaks down to about $341,000 per acre. The Shopping Center Group is representing the new land owner in leasing.
Closing on the land adds a new layer of credibility to development plans. It signals that the developer intends to move forward and that construction is likely imminent — a good sign for the region’s retail real estate market.
Carrie Smith, the regional managing partner with Franklin Street, said a planned Town Center Newks that will be one of about seven or eight stand-alone retailers or restaurants that are planned to be constructed on that property.
She said the development signals positive movement for the Jacksonville retail market, particularly the Town Center.
She said vacancy rates for Jacksonville retail is at pre-recession lows.
“We need more supply,” she said.
There’s little to no availability at the Town Center, she said.