The Encouraging Future of Retail in Northeast Florida
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Despite the number of retail closures across the country, Jacksonville’s retail market is proof that physical retail spaces will not disappear anytime soon.
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We are certainly seeing a change in the retail industry, but the term “retail apocalypse” is an over-exaggeration. In fact, we don’t have to look far to see retailer confidence in our market, as St. John’s county is booming with retail development. Brands like Publix’s GreenWise Market, Earth Fare, Walmart, and Home Depot are just a few examples of retailers continuing to grow their footprints in Northeast Florida giving us an encouraging look at the future of retail in Northeast Florida.
www.naihallmark.com
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JACKSONVILLE MARKET REPORT
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Numerous national retailers continue to search for space in Jacksonville, showing sustained demand in our market.
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Strong demand from retail tenants chasing the heightened consumer spending in Jacksonville has allowed fundamentals to tighten in the market. Vacancies continue to compress to new lows, following strong absorption numbers in recent quarters. Thus, landlords have had the opportunity to push rents to record highs. However, rents remain a bargain compared to peer Florida metros. Supply waves in the past few years have not been cause for concern, as most new deliveries have come in the way of build-to-suits.
www.naihallmark.com
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Belfort 1 at Belfort Park
7751 Belfort Parkway | Jacksonville, FL 32256
As the exclusive leasing agent for Acorn Property Holdings, we are pleased to present this 300,076 square foot office compl
ex.
With a variety of industries represented, diversified tenants include healthcare, technology, defense, and financial services, among others.
properties.naihallmark.com
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Vista Brooklyn
200 Riverside Avenue | Jacksonville, FL 32202
Located at 200 Riverside Avenue, Vista Brooklyn is a mixed-use development with ground floor retail and 308-unit luxury apartment community with breathtaking views of the St. Johns River and downtown.
properties.naihallmark.com
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Exchange South
9143 Philips Highway | Jacksonville, FL 32256
Exchange South is a highly functional five-building, 194,400 square-foot, Class A office and small-bay, rear-load, dock-high/grade-level light industrial facility. This property features modern building amenities including 16 dock-high doors, 35 drive-in doors, 65’ to 130’ shared concrete truck court and a high parking ratio of 3.4/1,000.
properties.naihallmark.com
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NAI Hallmark, in collaboration with Matthew Clark of Prime Realty, brokered the sale of 3101 South Orlando Drive in Sanford, Florida 32773.
The Property consists of 138,206 square feet situated on 14 acres of land.
“We knew from the beginning that U-Haul would be the perfect candidate to repurpose the property,” said Eric Yi, Senior Associate – Retail Specialist with NAI Hallmark. “From there it was just a matter of creating a deal that worked for both parties. We are happy to see life come to a property that sat vacant for so long.”
The
transaction closed at
$5,300,000 ($38/SF).
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Investment Sales
RLFED Fleming, LLC
purchased Fleming Island Business Park - Phase I, 75,669 SF for $9,176,000
Office
TIAA Bank
leased 50,884 SF at 501 Riverside Avenue
CBB Acquisition
leased 15,468 SF at Belfort III
Regions Bank
leased 13,101 SF at Centurion Plaza
Lutheran Services of Florida
leased 9,414 SF at Baywood Center
Retail
Spirit Halloween leased 13,319 SF at Beach Plaza City Center
Dollar Tree
leased 10,000 SF at Beach Plaza City Center
Tobacco Galore
leased 7,850 SF at 5340 Normandy Boulevard
My Salon Suites
leased 6,654 SF at Penman Plaza
Sonny's BBQ
sold 5,195 SF at 4434 Blanding Boulevard for $935,000
Industrial
Dupuy Storage of Florida leased 69,015 SF at 1030 North Ellis Road
Jackson Electric purchased 32,740 SF at 1502 Jessie Street for $1,150,000
Service Experts leased 14,420 SF at Interstate Distribution Center
Mattress 1000 leased 10,815 SF at Beach Boulevard Distribution Center
Land
PACE Center for Girls purchased 2.96 AC at 425 College Drive for $495,000
Blanding Self Storage purchased 70,567 SF at 4645 Blanding Blvd for $400,000
US Flag Supply purchased 47,916 SF at 1845 Mayport Road for $375,000
Blanding Medical Center sold 4,650 SF at 921 Blanding Boulevard for $765,000
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September 25
National Real Estate Investor
September 19
BisNow with SIOR
September 5
Jax Daily Record
September 5
National Real Estate Investor
September 2
Florida Times Union
August 28
National Real Estate Investor
August 19
The Wall Street Journal
August 17
BisNow
August 5
NAIOP Research Foundation
August 1
Resident News
July 20
Florida Times Union
July 17
ICSC News
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ICSC New York Deal Making Conference
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New York Deal Making is your opportunity to connect with the retail real estate community, elevate your career and grow your business.
Get exclusive content and hear from those leading the retail renaissance in our industry.
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Javits Center New York
| December 10-12, 2019
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UF Trends & Strategies Conference
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Each year industry professionals discuss the future of Real Estate and network with the best in the industry at the Real Estate Trends & Strategies Conference hosted by the Bergstrom Center.
Commercial and residential real estate investors, real estate brokers, real estate appraisers, attorneys, architects, builders, developers and other real estate industry-related professionals will benefit from the education and networking opportunities.
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How may we help with your commercial real estate needs?
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Keith Goldfaden
Managing Partner, Investment
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Christian Harden
Managing Partner, Brokerage
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Jeff Conn
Co-founder & Principal
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Alex Coley
Co-founder & Principal
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Patrick Thornton
Principal
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M
ike
M
aschmeyer
VP Land & Development
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Daniel Burkhardt
VP, Investment
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Bryan J. Mickler
VP, Retail
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Carmen Mantay
VP, Brokerage
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Jason J. Purdy
VP, Industrial
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Eric Yi
Senior Associate, Retail
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Patrick Carney
Associate, Office
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Luke Feldman
Associate, Investment
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Sarabeth Lewis
Associate, Office
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Jennifer Beerli
Director of Marketing
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Jenn Sefton
Marketing Coordinator
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Litsa Milonas
Opperations Coordinator
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NAI Hallmark is a full-service commercial real estate company specializing in sales and leasing brokerage, property management, corporate services and development in Northeast Florida. Established in 1993, NAI Hallmark is currently involved in the leasing and/or management of a portfolio in excess of 6.5 million square feet of office, industrial and retail properties in the Jacksonville market. In addition, the company has developed more than $400 million in commercial projects throughout northeast Florida. As a member of the NAI Global network, NAI Hallmark is also connected to the largest network of independent commercial real estate firms worldwide. Learn more at NAIHallmark.com.
NAI Hallmark © 2019 All Rights Reserved
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