Investment Overview

Marcus & Millichap is pleased to present the fee-simple interest of 1714 N. Main Street along with 4 adjacent land parcels to an investor and/or developer located in the Historic Springfield Neighborhood in Downtown Jacksonville, Florida. The seller is open to all 5 lots being sold “together” or selling each parcel on an “individual basis”. 1714 N Main Street is a single-tenant medical office property and is 100% leased by Jacksonville Pediatric Associates. The tenant, Pediatric Associates of Florida, is the largest privately owned primary care pediatric practice in Florida, with more than 200 providers and 34 locations throughout the state. In 2017, Jacksonville Pediatric Associates, spent over $1MM of their own capital to completely gut & retrofit the space to their desired specifications. This included a brand-new roof as well as three HVAC units that service the leased premises. Furthermore, ownership contributed approximately $250k to these build-out projects prior to JPA moving into the subject property. In June of 2024, JPA agreed to a 6-year lease extension bringing their primary expiration date to August 31, 2030. The tenant operates under a highly desirable triple-net lease structure, 3% annual rental escalations, and the rental rate is below “market”. The 4 adjacent lots available for purchase (referenced on slide 4) are zoned as “CCG-1 District”. Please contact the listing agents for details on the permitted uses. Jacksonville is the largest city in the state of Florida and has experienced robust population growth from 2010-2020; it’s one of fourteen total cities in the US to see an increase of over 100,000 residents in a 10-year span and the momentum has not showed signs of slowing down. The subject property is positioned in the Springfield Neighborhood which is just north of Downtown and can be described as an up-and-coming residential area. Please reference slide 13 to review specifics on the billions of dollars of investment in the pipeline for Downtown Jacksonville. The state of Florida was ranked #1 as the best state for business according to the Business Observer 2024.