Nancy Sumner and Katy Figg to handle the property's leasing on behalf of Consolidated Tomoka.
Consolidated-Tomoka Land Co. has purchased The Strand, a roughly 212,000-square-foot shopping center in Jacksonville, Fla., for $62.7 million through a 1031 exchange. The Strand was 95 percent occupied at the time of the sale and has four anchor tenants: Hobby Lobby, 2nd & Charles, Best Buy and PGA Superstore. The property’s 20 in-place leases have a weighted average remaining term of 9.5 years.
The Strand is located in a vibrant retail district near the intersection of Interstate 295 and J. Turner Butler Boulevard., adjacent to Simon Property Group’s 1.4 million-square-foot, 150-tenant St. Johns Town Center. The area is home to many businesses: Yardi Matrix shows nearly 4.5 million square feet of office space within a mile of the retail asset, including McKesson Corp.’s 120,000-square-foot headquarters which traded in September.
This deal brings the firm’s acquisition activity up to 11 assets this year, totaling an aggregate investment amount of approximately $165 million. In May, Consolidated-Tomoka sold a 112,351-square-foot retail center in Winter Park, Fla., for nearly $20 million.
Source | Commercial Property Executive