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San Diego Investor Purchases Retail Property in Florida for $2.6M

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Newly Constructed Property with Long-Term Tenant

A San Diego investor, The Miller Family Trust, purchased a retail property in Jacksonville, Fla., for $2.6 million. The building was purchased from GH&G Yulee LLC, a developer based in Georgia and Florida.

The buyer was represented in the transaction by Jon Busse and Joe Crotty with Colliers International's San Diego region. Luke Waters of SWE Realty represented the seller in the transaction.

Currently the building is occupied by O'Reilly Auto Parts, which has 14.5 years remaining on its 15-year lease. The 7,396-square-feet property is located at 463346 State Road 200. The building is located near U.S. Route 17 and is surrounded by retailers like Home Depot, Walmart, Target, Kohl's, Petco, Publix, Aldi, TJ Maxx and Autozone.

"As a newly constructed property with a long-term, high credit and recession-resistant tenant in place, this property will remain an ideal investment for the new ownership," said Busse in a prepared statement. "Our team is proud to have represented the San Diego-based investor in the acquisition of this property to complete a 1031 tax deferred exchange."

By Kamila Knaudt
kamila_knaudt@dailyjournal.com


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Carlsbad

Jon Busse provides investment real estate counsel and representation to institutional owners, high net worth individuals, syndicators and developers. Since 1983, Jon has continuously specialized in the sale of investment real estate with over $1 Billion of transactions including the representation of 30 different institutional owners. Since 2003, Jon has focused primarily on high credit, single tenant, NNN leased retail properties and larger multi-family properties throughout the United States.

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Joe Crotty

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Joe Crotty, a 13 year commercial real estate veteran, specializes in Industrial and R&D sales and leasing in North San Diego County.  Completing an average of over 80 transactions a year and currently responsible for the sale and leasing of over 1,000,000 square feet of industrial property, Joe is widely considered a market expert in his field.  Joe has been involved with several ground-up land development projects ranging from multi-tenant incubator space to land sales and large build-to-suits.  His market knowledge and work ethic were instrumental in their successes.  

Joe was recruited by Colliers International in January 2010. Prior to joining Colliers, Joe was with Coldwell Banker Commercial for seven years, during which he was recognized as San Diego’s 2004 “Rookie of the Year” company-wide.  Since his rookie year, Joe has been honored annually with Coldwell Banker Commercial’s Circle of Distinction designation which recognizes the top commercial real estate professionals worldwide.  In 2008 and 2009 Joe was recognized with the most lease/sale transactions company-wide, and led the Colliers Carlsbad office in 2010 with his partner Josh McFadyen.  Joe has been an integral part of a team that has successfully marketed a 400 acre development consisting of over 400,000 square feet of buildings for sale and another 125,000 square feet of multi tenant industrial suites for lease.  This same team was awarded the 2006 “Largest Transaction:” award for the successful sale of the 24.6 acre Seagate Corporate Center to the Rockefeller Group.  Due to his successes Joe was approached by the Koll Company to handle the leasing of one of their struggling projects where he brought the occupancy rate up from 65% to where it currently sits at 96%, in a market where the average vacancy rate sits at approximately 14%.  Since 2004, Joe has been involved in over 550 sale and lease transactions totaling more than $2,500,000 square feet.

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