SRS Real Estate Partners Facilitates $5.62 Million Sale of Beachwalk Shoppes in Jacksonville Submarket

SRS Real Estate Partners has announced the $5.62 million sale of Beachwalk Shoppes, a newly constructed multi-tenant retail strip center located in St. Johns, FL, a submarket of Jacksonville. This transaction underscores the vibrant retail investment climate in one of the nation's fastest-growing counties.

The property, situated on 1.42 acres and comprising 8,200 square feet, was fully occupied at the time of sale, housing tenants such as Bagels R Us, Goin’ Postal, Fancy Sushi, Deca Dental, and Playa Bowls. All tenants are on triple net leases, a factor that likely contributed to the property's appeal. The sale was brokered by SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble, representing the seller, a national development and investment firm. The buyer, an Atlanta-based private investor, utilized a 1031 exchange for the purchase, with the closing cap rate set at 6.4%.

Beachwalk Shoppes is part of a larger retail development under construction, featuring national brands like Panda Express, Chipotle, and Panera Bread. Wamble highlighted the significance of the location, stating, St. Johns County is the tenth fastest growing county in the nation, with an anticipated growth rate of 9.51% from 2023 to 2028. This growth trajectory presents a promising outlook for retail investments in the area.

This sale is a testament to SRS Capital Markets' robust activity in the commercial real estate sector, having completed over $1.2 billion in deal volume this year alone, encompassing more than 350 transactions nationwide. With over 845 properties currently on the market, valued at more than $3.7 billion, SRS continues to be a pivotal player in facilitating significant real estate transactions.