Parkway Place at Durbin
Closed1185 St Johns Pkwy, Jacksonville, FL 32259
Property type
Retail
Unit / Space count
4
Price
$3,700,000
Building size
6,480 sf
Rentable area
6,480 SF
Year built
2021
Year renovated
Occupancy
Zoning code
Lot size
0.80 Acres
Sold/status
Sold · Date unknown
Sale price
$3700000
CAP
5.90%
Net Operating Income
$218,400
Property description
Franklin Street is pleased to present the 6,480 SF new construction NNN retail strip center located in St. John's County just minutes south of downtown Jacksonville. All four tenants have NNN leases in place, each with a 10-year initial term and 3% annual increases to help hedge against inflation. The property has an excellent tenant mix including Jeremiah’s Italian Ice, Pearl Vision, Sadhana Eyebrow Threading, and Dep Nail & Spa. Jeremiah's Italian Ice will focus heavily on outdoor seating and "to go" orders which have proven to be more sustainable during Covid-19. Once completed, Durbin Park will feature the largest shopping center in Northeast Florida, with over two million square feet of retail space and over 2,000 multifamily units. This asset will deliver strong cash flow for a very low maintenance requirement with no foreseeable capital improvements in a massive multi-use lifestyle center.
Property highlights
- Closing price 1% below full listing price
- Seller achieved below a 6% Cap at close
- Brand New Construction 6,480 Rentable Square Feet fully leased by 4 tenants, all with 10 year NNN leases in place with strong 3% annual escalations
- Premier location just near Durbin Park, a new mixed-use project encompassing 2.4M SF retail, 2.8M SF office, over 2,000 multi-family units, and over 350 keys between two hotels located in northern St Johns County
- Jacksonville is the most populous city in Florida and ranks 12th among populous cities within the U.S. In close proximity to many well recognized national and regional tenants including Walmart, Home Depot, Starbucks, Chase Bank, Ulta, and Circle -K