JACKSONVILLE, Fla. (PRWEB) March 31, 2018
Matthew Clark mclark(at)primerealtyinc(dot)com 904.239.5269
Austin Kay: akay(at)primerealtyinc(dot)com 904.930.4299
For Immediate Release
Address: 1305 North Orange Avenue. Green Cove Springs, FL
Property Name: Magnolia Layne
Size: 87,454 SF
Cap Rate: 8.2% Cap
Sale Price: $5.8M
Buyer: 1305 North Orange Ave. Holdings LLC
Seller: Magnolia Associates, LLC
Property Type: Neighborhood Shopping Center
Prime Realty Sells Shopping Center in Green Cove Springs, Florida
Jacksonville, FL – Matthew Clark and Austin Kay of Prime Realty closed on Magnolia Layne, an 87,454 square foot neighborhood shopping center located in Green Cove Springs, FL. “Prime Realty worked diligently and productively in leasing up and selling Magnolia Layne Shopping center. Austin Kay located Auto Zone and other local tenants improving occupancy with his hard work and follow up. His follow up also helped find several buyer options. A professional job and attitude that produced results all around,” said Mark Kalkus of Magnolia Associates, LLC. Magnolia Layne is the third property that the investment group from New York has acquired in the Jacksonville area in the last 24 months.
This neighborhood shopping center has 32 units and is home to national tenants such as Ace Hardware, Subway, Dollar General, Autozone, Allstate, T-Mobile and Woody’s Bar-B-Q. “Retail shapes the community that we live in and we are lucky to work with buyers that understand that concept,” says Matthew Clark, Vice President of Retail Brokerage at Prime Realty. In about a year and a half, Prime Realty brought the occupancy from just over 50 percent to almost 75 percent for this Green Cove Springs shopping center. “We will continue to handle the leasing for the new ownership and hope to see the center fully occupied in the near future,” says Austin Kay, Associate Director of Prime Realty.
About Prime Realty
Prime Realty is a full service commercial real estate firm servicing developers, owners, and investors throughout Florida and Georgia. Prime Realty creates value for its clients through their superior process for selecting, developing, managing and marketing real estate. Their goal is to achieve the greatest return on the real estate assets they service. What separates Prime Realty from the average real estate firm is proven systems for success and commitment to operational excellence. Headquartered in Jacksonville, Fla., Prime Realty is under the direction of Tyler Saldutti. For more information on Prime Realty, visit http://www.primerealtyinc.com.