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Jax Daily Record Monday, Nov. 11, 201905:10 AM EST

Hionides-led investor group buys Atlantic Beach property

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Petra plans upgrades and public art at the 763 Atlantic Blvd. property

An Atlantic Beach-based group led by property investor Chris Hionides bought a vacant 5,000-square-foot retail building at 763 Atlantic Blvd.

Through 412 Boardwalk Inc., Hionides paid $1.2 million for the Atlantic Beach structure, built in 1982. It was offered for sale at $1.3 million, according to the LoopNet.com real estate site.

An artist's rending of an improved 763 Atlantic Blvd. property.

The building is in shell condition, meaning it can be built out to tenant specifications.

Hionides bought the property from Handler Family Partnership I LLLP of Littleton, Colorado.

Elias Hionides, vice president of the Petra Management Inc. commercial real estate company, said the group sees the acquisition as an opportunity to grow in Atlantic Beach, “one of the most dynamic submarkets in Jacksonville.”

“We plan to upgrade the building and parking areas and add public art to the exterior,” he said.

He said the property provides the retail fundamentals of visibility and access. It also has ample parking, he said, “as we own the surrounding retail centers.”

 

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