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Colliers International to handle leasing and management for The Strand, a 212,000-square-foot shopping center located in the St. Johns Town Center

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.

Read more about the transaction here.

Source | Commercial Property Executive


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Nancy Sumner

Senior Director

Jacksonville

I most recently served as a North Florida market Partner and Senior Leasing Advisor for The Shopping Center Group, where I  managed 40 properties totaling more than 7.5 million square feet of retail space.  I have  over 12 years’ experience in landlord representation and lease negotiations in retail services to grow Colliers International
Northeast Florida’s landlord services. I specialize in neighborhood shopping centers, ground-up, mix-use retail, grocery-anchored and redevelopment projects through a meticulous understanding of the surrounding trade areas giving landlords analysis of the voids within the submarket to attract new retailers.


 

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Katy Figg

Senior Director

Jacksonville

Sumner-Figg Team

Katy Figg and Nancy Sumner, Senior Directors of Colliers Northeast Florida, are consistent in providing real results for their clients with their dynamic approach to Landlord representation. Katy and Nancy are the sole retail brokerage team in the region exclusively dedicated to Landlord leasing, supported by a multi-faceted international firm that offers a range of services to benefit their diverse portfolio.

The team’s concentration in this niche provides their clients with invaluable resources and unparalleled expertise.  Their experience extends to engaging across all phases of ground-up, mixed-use retail, and redevelopment projects. Katy and Nancy’s portfolio of 2.5 million square feet consists of grocery anchored and power centers, boutique retail, and mixed use developments. The team has a comprehensive approach to marketing a project, including an in-depth understanding of the trade area and competition, creating a an intentional merchandising plan to deliver the highest and best uses that incentivize cross- shopping between retailers, and developing strategic target list using void analysis, retail marketplace profiles, along with several other Colliers resources.

Katy and Nancy continue to grow their revenue along with their portfolio year over year; in 2021 the team closed 56 deals with a transaction total of over $31m, with over 113,000 square feet leased and over 212 acres sold. Both Nancy and Katy have been active members of ICSC for over 15 years, are consistently named Costar Power Brokers, and have provided their expertise in a number of media articles focused on commercial real estate in North Florida. 


 

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