Marcus & Millichap Lists $11 Million Power Center in Jacksonville, FL

JACKSONVILLE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Island Walk (top left photo), a 68,575-square foot power center in Fleming Island, (middle right photo) which is located in Jacksonville. The listing price of $11 million represents $160 per square foot.

Craig Lewis Thomas, CCIM, a senior associate and an associate director of the firm’s National Retail Group in Jacksonville, is representing the seller, a northeastern Florida developer.

 “The Island Walk shopping center represents an unparalleled opportunity to acquire a market-dominant power center in the risk-insulated high-density submarket of Fleming Island,” says Thomas.

 “This opportunity is financially feasible and, more importantly, includes fully amortizing nonrecourse financing, which may be assumed.”

The property is located at 1997 East West Parkway with immediate access to County Road 220 and U.S. 17 and proximity to Interstate 295 and Blanding Boulevard; all primary arteries.

 Island Walk was built in 2007 and is currently 97 percent occupied by national or regional retailers including Kohl’s, which is not a part of the offering,

Michaels, Shoe Carnival, Petco, Kirkland’s, Dollar Tree and Justice for Girls. The majority of the tenants’ leases are triple-net and scheduled with regular escalations of up to 10 percent.

Other retailers in the vicinity include Walgreens, CVS, Wendy’s, McDonalds, Super Walmart, Target, Publix, Starbucks, Chili’s, Bank of America, Home Depot and Winn Dixie, among others.

 The annual household income in the area is $100,000, which is 32 percent above the national average.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716