Toronto-based investors Morris Kansun and Derrick Taub paid $13.75 million for the Crossroads Square shopping center in southwest Jacksonville.
Through Crossroads Square Limited Partnership, the two bought the 18.8-acre property at 8102 Blanding Blvd. Barclays Bank PLC issued a $10.32 million mortgage.
The deed shows the partnership’s U.S. address in Charlotte, N.C., and the mortgage is issued to the Toronto office.
Crossroads Square consists of five buildings developed in 1985 that comprise more than 177,000 square feet of retail space, the Duval County Property Appraiser’s office shows.
The center is anchored by Floor & Décor and Office Depot.
The deed and mortgage were filed Wednesday with the Duval County Clerk of Court.
Kansun and Taub run Sierra Building Group Inc. in Toronto. Its commercial portfolio includes at least six properties in Ontario; Mint Hill, N.C.; Houston; and the Marlin Center in Cape Coral.
They bought the center from Blanding Crossroads LLC, based in Sunrise. GRM Manager LLC is the manager of Blanding Crossroads. Doron Valero leads GRM.
Valero is managing partner of Global Fund Investments LLC and a former president COO of Equity One, a retail shopping center investor.
Blanding Crossroads paid $9.85 million for the property in 2010. Its 2014 market value is $9.5 million, according to the Duval Property Appraiser’s Office.
Senior Director Karl Johnston, Executive Vice President Mark Gilbert and Executive Director Adam Feinstein of Cushman & Wakefield’s Capital Markets Group handled the transaction for Global Fund Investments LLC.
Joel Coykendall of Northmarq Capital’s Jacksonville office handled the financing and loan origination for the buyer.
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