SALE PRICE: $2,560,000
CAP RATE: 6.25%
- STRATEGIC LOCATION — New 2016 construction outparcel to Pablo Plaza shopping center (146K+ SF; anchored by Marshall’s & HomeGoods) set to undergo an $18M redevelopment and add Whole Foods, PetSmart & at least 1 additional junior anchor as tenants.
- MARKET-LEADING TENANT — Mattress Firm is a national tenant with the largest geographic footprint in the U.S. (3,500 locations) among multi-brand mattress specialty retailers.
- QUALITY INVESTMENT — New 11-year, corporate-guaranteed lease with fixed rent increases and minimal landlord responsibilities; Florida has no state income tax.
- DYNAMIC TRADE AREA — Nearly 87K people, with an average household income of $98K+, within 5 miles of the property. High traffic counts along 3rd Street directly in front of the site (40K ADT). Jacksonville Beach is the eastern terminus of U.S. Rte. 90, which ends at an intersection with 3rd St. S. three blocks from the Atlantic Ocean.
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