Timuquana Marketplace, a 46,660-square-foot retail center at 5150 Timuquana Road in Ortega, was purchased by Robert Bridge Enterprises Inc. for $3.3 million.
The deal closed Dec. 5 at $70.66 per square foot, reflective of similar properties in the market. The seller was Ash Properties, represented by Franklin Street.
Timuquana Marketplace is 75 percent occupied with Wesconnett Community Health Center as the anchor tenant.
Wesconnett is affiliated with the University of Florida, Florida A&M and Ascension St. Vincent’s HealthCare.
Built in 1988, the center is near Blanding and Roosevelt boulevards.
“Timuquana Marketplace is a great example of a property that has been repositioned during the brick-and-mortar versus internet retail evolution,” said Chad Atwood, Franklin Street’s director of investment sales, who brokered the deal.
“Stability in the traditional shopping center market now lies within the service-based industry,” he said. “By combining a solid mix of medical and traditional retail tenants, this is a testament to how an investor can achieve high double-digit returns with minimal risk.”
Timuquana Marketplace comprises three buildings with 19 units on 4.94 acres. The center was repurposed in 2003 after the departure of its grocery store anchor.