Property Closes at One of the Most Aggressive Cap Rates in Market

Jacksonville, FL— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of Blanding Square Shopping Center, a 40,376 square-foot property located at 110 Blanding Boulevard, Orange Park, FL. The deal closed at an aggressive cap rate for a stabilized strip center. Market Leader and Vice President Johnny Blue Craig  and Senior Associate Tripp Brown represented the seller in the transaction.

The two-building property was acquired by a prominent Florida investor looking to expand their portfolio in the Jacksonville suburbs. Blanding Square Shopping Center is strategically located nearby one of the major intersections of Florida’s First Expressway. The shopping center is stabilized with below-market rents, which the buyer will be repositioning in the coming years.

“Acquiring this asset was a great acquisition for the buyer and has significant upside in rental rates, which the buyer will capture as they reposition the asset,” said Craig.

Blanding Square offers a value-add opportunity, with the option to add an outparcel the corner of Blanding Boulevard and Jefferson Avenue. Additional land behind the center with frontage on Jefferson Avenue is also available for further development and expansion.

“Being in proximity to the First Expressway is extremely desirable, as it increases the areas accessibility,” said Brown.

For more information or to contact Johnny Blue Craig and Tripp Brown and, please visit www.matthews.com.

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

PRESS CONTACT
Kaylee Stock
(701) 429-7462
[email protected]