Excerpted from Jax Daily Record story.
Franklin Street announced Dec. 18 it brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center at 9430 Arlington Expressway, to a private Jacksonville-based investor.
Franklin Street said Bryan Belk and John Tennant represented the buyer, Regency Point of Jacksonville LLC, and the seller, Sand Capital of Phoenix, Arizona in the transaction.
The deal closed Dec. 10, Franklin Street said.
Franklin Street said the buyer plans to hold the property long-term. The sale doesn’t appear to have been recorded yet with the Duval County Clerk of Court.
Regency Point is along the expressway across from Regency Square Mall, a 1.4 million-square-foot regional shopping center.
Built in 1981, Regency Point was renovated to feature a national tenant mix that includes Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile.
“Our client was able to upgrade the facade, parking lot and property lighting, which attracted a national tenant lineup to the center,” said Tennant, senior director for Franklin Street’s Atlanta office, in a news release.
Belk, senior director of retail investment sales at Franklin Street, said that traditional mall tenants are reevaluating their real estate portfolios.
“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,” he said.
Foot Locker and Champs relocated to Regency Point from Regency Square Mall.
Belk and Tennant have arranged more than $863 million in retail investment sales transactions nationwide over the past three years, Franklin Street said.
Tampa-based Franklin Street was founded in 2006.
For full story, visit https://www.jaxdailyrecord.com/article/regency-point-sells-for-dollar8-3-million