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 Atlanta office.
“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/story/business/2019/12/18/private-jacksonville-investor-acquires-regency-point-shopping-center/2058197007/
