Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 4,800-square-foot single-tenant retail property located at 820 Canaveral Trace in Middleburg, Florida. The Jacksonville-area convenience store and fueling station is fully leased to Daybreak Market on a long-term absolute triple net lease. BJ Feller of Northmarq represented the buyer. The property traded for more than $9.7 million, although the cap rate was not disclosed.
“This was an excellent addition to our client’s portfolio as they looked to reposition their real estate via 1031 exchange and optimize it for their long-term, multi-generational holding strategy,” said Feller, Managing Director and Partner in Northmarq’s Chicago, Illinois office. “We successfully ensured a smooth upleg and downleg, including placing the Daybreak Market under contract during the completion of construction. We very much enjoyed the repeat collaboration with Plaza Street Partners and CIA Commercial Advisors.”
The large format store reflects the tenant’s latest prototype, and construction was completed in late 2021. The property is situated on 2.26 acres and features 16 fueling stations. The site benefits from strong demographics in the immediate area, along with high traffic counts, proximity to schools and national retailers in the vicinity including Publix and Dollar General, among others.