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Shopping Strip

Commonwealth Shopping Center

1020 Edgewood Ave N, Jacksonville, FL 32254

Listing Price: $7,250,000

Cap Rate
6.51%
Gross SF
81,467
Rentable SF
81,467
Price/Gross SF
$88.99
Lot Size
13.02 acres
Year Built
1984

Investment Overview

Marcus & Millichap is pleased to present the sale of Commonwealth Shopping Center. This is a unique opportunity to acquire a strong-performing, grocery-anchored shopping center in Jacksonville, Florida. The grocer, Rowe’s IGA Supermarket, recently executed a 10-year lease, with strong store sales and a very low rental rate.

Investment Highlights

  • 81,467 SF Grocery Anchored Shopping Center Located in Jacksonville, Florida
  • Grocery Anchor, Rowe's IGA Supermarket Executed a new 10-Year Lease and opened for business in May 2020 after investing $2.95MM into their space.
  • Major Recent Upgrades to the Property Totaling $4 Million
  • Rowe's IGA has an Incredibly Low Gross Rent to Sales Ratio of 1.1 Percent, Ensuring their Long-Term Viability at the Property
  • Rare Rent Increases of 12.5 Percent every Five Years on the Grocery Anchor Provides for Strong Future NOI Growth and Appreciation
  • Dollar Tree and Hibbett Sports also have Strong Health Ratios and Dollar Tree Recently Exercised a Five-Year Renewal
  • Located within Opportunity Zone, Providing Potential Tax Benefits

Exclusively Listed By

Financing By

Shopping Strip

Commonwealth Shopping Center

Listing Price: $7,250,000

Cap Rate
6.51%
Gross SF
81,467
Rentable SF
81,467
Price/Gross SF
$88.99
Lot Size
13.02 acres
Year Built
1984

Investment Highlights

  • 81,467 SF Grocery Anchored Shopping Center Located in Jacksonville, Florida
  • Grocery Anchor, Rowe's IGA Supermarket Executed a new 10-Year Lease and opened for business in May 2020 after investing $2.95MM into their space.
  • Major Recent Upgrades to the Property Totaling $4 Million
  • Rowe's IGA has an Incredibly Low Gross Rent to Sales Ratio of 1.1 Percent, Ensuring their Long-Term Viability at the Property
  • Rare Rent Increases of 12.5 Percent every Five Years on the Grocery Anchor Provides for Strong Future NOI Growth and Appreciation
  • Dollar Tree and Hibbett Sports also have Strong Health Ratios and Dollar Tree Recently Exercised a Five-Year Renewal
  • Located within Opportunity Zone, Providing Potential Tax Benefits

Investment Overview

Marcus & Millichap is pleased to present the sale of Commonwealth Shopping Center. This is a unique opportunity to acquire a strong-performing, grocery-anchored shopping center in Jacksonville, Florida. The grocer, Rowe’s IGA Supermarket, recently executed a 10-year lease, with strong store sales and a very low rental rate.

Exclusively Listed By

Financing By

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