Colliers facilitates sale of retail center in Jacksonville, FL, for $11.2 million

Colliers | U.S. has announced the sale of CB Square, a 73,100-square-foot grocery-anchored retail center, to PARE Investments from Core Investment Management for $11.2 million. The property is located at 9333 Atlantic Blvd. in the Regency Mall trade area of Jacksonville, FL.

Colliers’ Brad Peterson and Whitaker Leonhardt represented the seller, Core Investment Management, in the transaction.

“CB Square represented a rare opportunity to acquire a grocery-anchored retail asset with 100% national tenancy in a dense, infill Jacksonville location at a basis below replacement cost,” said Leonhardt, executive vice president at Colliers. “The long-term recommitment from Ashley HomeStore Outlet, combined with durable anchors and strong traffic exposure, drove significant investor interest.”

Built in 2004 and renovated in 2018, CB Square is anchored by Aldi and Ashley HomeStore Outlet. The center was 100% occupied by national brands at the time of the sale, including Mattress Firm, Panera Bread, Moe’s Southwest Grill and Xfinity, and demonstrates strong tenant retention, with three tenants occupying the property for more than 21 years.

Situated at the signalized intersection of Southside Boulevard and Atlantic Boulevard, CB Square benefits from exceptional visibility and access. Southside Boulevard carries approximately 43,000 vehicles per day, while Atlantic Boulevard sees approximately 31,500 vehicles per day. The property is located approximately 4.25 miles from Downtown Jacksonville, in a dense infill trade area where the three-mile population exceeds 94,700 residents.

“Investors continue to target well-located grocery-anchored centers with strong tenancy and proven performance metrics,” said Peterson, vice chair at Colliers. “CB Square’s combination of low anchor rents, favorable health ratios and infill positioning made it a compelling acquisition.”

PARE Investments is a programmatic joint venture between the principals of Post Real Estate Group and Argan Ventures, focused on the acquisition of value-add shopping centers throughout the United States. Argan Venture's principal Ethan Beutel focuses on the day-to-day management of the retail portfolio, while leveraging the scale of Post Real Estate Group's infrastructure and national reach to bring an institutional-quality approach to private real estate investments.

“CB Square fits squarely in our investment thesis of acquiring well-located assets in strong submarkets at an attractive basis - allowing for near- and long-term value appreciation,” said Ethan Beutel, principal at PARE Investments.

Headquartered in Miami, FL, CORE and its affiliate, CPG Leasing & Management, own and actively manage approximately 2 million square feet of retail properties throughout Florida’s major markets, including Miami, Orlando, Tampa and Jacksonville. The firm focuses on experience-driven retail assets and takes a long-term investment approach centered on maintaining strong occupancy, leveraging favorable neighborhood demographics and identifying opportunities to enhance operational performance.