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| Lem Turner Shopping Center, 3200 Armsdale Road, Jacksonville, FL |
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| Jonathan Graber |
JACKSONVILLE, FL (Oct. 18, 2013)—Franklin Street Real Estate
Services announces the sale of Lem Turner Shopping Center in Northwest
Jacksonville for $1,092,500. National investors based in the Midwest paid all
cash in the transaction. This was their first Florida purchase.
Jonathan Graber,
CCIM, Rafaell Wright, CCIM, and Nicolas Prevolos, all of Franklin
Street Real Estate Services, represented the seller in the transaction,
national investors also based in the Midwest.
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| Nicolas Prevolos |
“We generated
multiple offers from across the country,” Graber said. “Even though the property was located in a
green area of Jacksonville hit hard by the recession, we were able to close in
less than four months with offers as far West as Los Angeles and as far North
as Maine.”
The new owner plans on making cosmetic improvements to the
building and developing an aggressive lease-up strategy. The center is
currently 50 percent occupied.
“We find that buyers
are willing to enter markets far from where they are accustomed to owning
property if there is a value-add opportunity – especially in re-emerging areas
with more opportunities,” Wright said.
Prevolos added that the shopping center was built
speculatively before sufficient residential development and other economic
fundamentals were in place.
However, activity is beginning to emerge with
Dollar Tree recently backfilling the adjacent Home Depot outparcel to the south
as well as multiple new 7-11 locations nearing completion in the surrounding
area.
Lem Turner Shopping Center is located at 3200 Armsdale
Road in Northwest Jacksonville, Fla. off the Lem Turner/I-295 Interchange.
Anchor tenants include Walmart and Home Depot.
For a complete
copy of the company’s news release, please contact:
Kelsy Pazur
813-839-7300, ext. 337
Michelle Friedman
Account Director
Boardroom Communications
(904) 641-3226
(561) 706-4585 Cell
(954) 370-8999
(954) 370-8892 Fax
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