Illinois-based Terraco Real Estate Development & Management bought the Monument Landing retail center in Arlington for $13.7 million.
Terraco, based in Wilmette, near Chicago, bought the property March 19 through BGP Orland Park L.L.C.
The Josephs Group of Orangeburg, New York, sold the center through Monument Landing LLC. It bought the shopping center June 26, 2017, for $12.2 million.
The property is assessed at $8.5 million for tax purposes, according to the Duval County Property Appraiser.
The 66,780-square-foot retail center is on 8.85 acres at 2485 Monument Road. Major tenants include Walgreens, Bailey’s Health & Fitness, UF Health Family Medicine and Dollar Tree.
The center was developed in 1988 and Walgreens was built in 2008. Site brochures also list its address as 12002 McCormick Road.
The site is at Monument and McCormick roads, across Monument from the corner where Wawa built a gas station and convenience store, CVS opened a pharmacy and Starbucks added a stand-alone coffee shop.
Howard Josephs, an owner in the Josephs Group, said in 2017 he planned to make capital improvements at Monument Landing.
“We like the area and believe it can be a great center,” Josephs said.
Scott Gendell, Terraco president and CEO, manages BGP Orland Park L.L.C. He registered it with the state March 3 as a foreign limited liability company.
Gendell founded Terraco in 1985, according to the terracorealestate.com site.
It specializes in developing, buying and managing retail, office, medical and mixed-use properties with an emphasis on neighborhood and community shopping centers and single-purpose retail stores.
Its properties appear to be concentrated in Illinois. It also has locations in Arizona, Indiana, Michigan, Wisconsin and Florida, where it owns the 32,423-square-foot International Outlet Center in Orlando.
