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The Deerwood Lake Commons shopping center sold last week for $12 million.

Deerwood Lake Commons sells for $12 million

From Staff

The Deerwood Lake Commons shopping center near Tinseltown sold last week for $12.05 million.

The South Jacksonville center, anchored by Publix Super Markets Inc., was developed in 2003 at 4320 Deerwood Lake Parkway. Property records show the 7.5-acre center comprises three buildings that total about 70,000 square feet of retail space.

Deerwood Lake Commons LLC, in care of Invesco Real Estate in Dallas, sold the property to Deerwood Lake Station LLC, in care of Phillips Edison Group LLC of Cincinnati.

Phillips Edison focuses on grocery-anchored retail centers and already owns the Promenade Shopping Center in Southside, anchored by Rowe’s IGA Supermarkets, at 8595 Beach Blvd.

The Deerwood Lake Commons sale closed Thursday and was recorded Wednesday with the Duval County Clerk of Court. The Duval County Property Appraisers lists the center’s 2014 market value in progress at almost $8.1 million.

Its value appears to be recovering.

In 2004, developer Stiles Corp. of Fort Lauderdale sold it to PF Global Real Estate Advisors LLC of Parsippany, N.J., for $7.8 million.

In 2007, Prudential Real Estate Investors, with the same address as PF Global, sold it to Invesco for $14.75 million.

Phillips Edison & Co. owns and operates retail real estate assets across the country.

Grocery-anchored shopping centers is its foundation, and it also redevelops enclosed malls, remerchandises power centers, develops and acquires net lease properties and provides third-party services.

Its phillipsedison.com site says its acquisition efforts continue to be grocery-anchored, necessity-based neighborhood and community shopping centers.

“Our experienced team can overcome complex issues such as environmental concerns, high vacancy or deferred maintenance to make deals others can’t,” it says.

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