Northmarq Completes $24.1 Million Sale of Publix-Anchored Shopping Center in St. Augustine, Florida
Northmarq’s New York office has completed the sale of Parkway Village located at 170 Village Commons Drive in St. Augustine, Florida for $24.1 million. The 52,070-square-foot shopping center is anchored by Publix GreenWise Market, a specialty, natural, and organic grocery store. The seller was a developer based in Fort Lauderdale, Florida. Jason Maier, senior vice president at Northmarq, represented the 1031 exchange buyer, a New York-based private investor.
“I am very pleased to have represented and identified this asset on behalf of our client who was in a 1031 exchange. This particular asset stood amongst many other properties we reviewed, and the market in St. Augustine has experienced tremendous growth,” said Maier. “Playing off the success and high sales of the Publix-anchored center across the street, Publix wanted to expand its current operations and higher end food offerings, which its current location could not support. The rest of the supportive tenants gave way to a brilliant and vibrant mix of national credit tenants.”
The shopping center is newly built and is 100 percent occupied by 8 tenants, including Starbucks, Orange Theory Fitness, Supercuts, as well as local service providers and retails. Anchor-tenant GreenWise Market offers products that meet strict requirements such as USDA certified organic, made with at least 70 percent organic ingredients, and made without artificial preservatives, flavors, or color. The Parkway Village GreenWise Market is the twelfth location of the unique, health-conscious store.
Parkway Village is situated in a strong retail trade and residential area, with neighboring tenants such as a full-size Publix, CVS Pharmacy, AutoZone, and McDonalds and a short walk to Mill Creek Academy and Tocoi Creek High School. Located at the intersection of State Road 16 and International Golf Parkway, the property is convenient for residents of St. Johns County and neighbors the Shoppes at Murabella.
“When we looked around at the amount of new residential development, state of the art new schools, and this gorgeous new shopping center, my client and I both agreed this was a must addition to the portfolio,” added Maier. “We got really lucky with our lender, Principal Life, who provided a very competitive debt package in a touch lending environment.”
February 27, 2023