The Shopping Center Group announced the sale of Regency Court along the Arlington Expressway for $5 million to Virginia-based Mishorim USA.
Regency Court, built in the 1960s and renovated in 2011, has 72,000 square feet of contiguous space available for lease.
An entity affiliated with Mishorim USA bought the 220,000-square foot retail center on Nov. 14. No additional terms were disclosed.
Shopping Center Group directors Anthony Blanco and Lynn De Marco led an investment sales team that represented a special servicer in the transaction.
“This property is really primed for an infusion of tenants that have yet to enter this submarket,” Blanco said in a news release.
The group said the team used RealInsight Marketplace, an auction platform for commercial real estate transactions.
“Regency Court presents an opportunity for immediate growth of net operating income through the lease-up of nearly 145,000 square feet of space — including 72,000 square feet of contiguous space — in one of Jacksonville’s established and well-seasoned retail markets,” Blanco said.
He said accessibility also is a factor with signalized access along Arlington Expressway that provides direct access to Regency Square Mall.
Regency Court features four buildings housing anchors K&G Fashion Superstore and Youfit Health Clubs, said the release.
Other tenants include Image Fashions, Lumber Liquidators, UPS Store and Longhorn Steakhouse.
The center is 34 percent occupied.
Regency Court is less than 5 miles from Downtown and sits on 17.4 acres at Arlington Expressway and Southside Boulevard, with more than 65,000 vehicles passing daily.
The Shopping Center Group said nearby retailers include The Home Depot, Lowe’s Home Improvement, Burlington Coat Factory, Best Buy, Guitar Center, Office Max, Ollie’s Bargain Outlet and Books-A-Million, among others.
An Aldi discount grocery store is under renovations in CB Square nearby.
Regency Square is anchored by JCPenney and a Dillard’s Clearance Center.
The Shopping Center Group said more than 110,500 residents with an average household income of $58,000 along with almost 55,000 daytime employees live or work with a 10-minute drive.