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Jax Daily Record Friday, Oct. 18, 201912:26 PM EST

Ash Properties pays $19.4 million for Beach Plaza

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The “gateway to Jacksonville Beach” sits on almost 11 acres.

Ash Properties paid $19.4 million for Beach Plaza at 1200 Beach Blvd.

Through Tavus Investments LLC, Ash Properties bought the 10.87-acre property Wednesday from C-111 Asset Management LLC of Irving, Texas. VyStar Credit Union made a $14.55 million mortgage to Ash Properties the same day.

Tavus Investments LLC is managed by Mike and Elaine Ashourian, principals of Ash Properties.

Ash Properties representatives were not immediately available for comment Friday.

C-III Capital Partners is an asset management and commercial real estate services company.
Beach Plaza City Center, as it is marketed, is at 1200 to 1398 Beach Blvd.

Property records show the 161,000-square-foot shopping center was constructed between 1959 and 2006.

John Bell, managing director with Transwestern Capital Markets of Miami, represented the seller. He declined to comment.

Transwestern said in its marketing brochure that a $2 million renovation was completed in 2018.

The Transwestern brochure offered the property at $18.65 million.

It calls the site a “gateway to Jacksonville Beach location.”

“Beach Plaza City Center serves as the de facto Main Street of the Beaches,” Transwestern said.

The brochure showed the property at 83.7 percent leased.

Major tenants include Bailey's Health & Fitness, the U.S. Postal Service, Dollar Tree, Southern Swells Brewing Co., Mini Bar Donuts and Jumpstreet Indoor Trampoline Park.

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