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Jax Daily Record Wednesday, Nov. 17, 202101:45 PM EST

Investor pays $93 million for The Markets at Town Center

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The shopping plaza was built in 2007 next to St. Johns Town Center.

Big V Property Group and Equity Street Capital paid $93 million Nov. 15 for The Markets at Town Center next to St. Johns Town Center.

It bought the center from Houston-based Hines.

The 254,089-square-foot shopping center is anchored by Sprouts Farmers Market. It will be managed by Big V Property Group.

The deed recorded Nov. 16 shows that Hines Global REIT 4875 Town Center LLC sold the property to four LLCs, each with a percentage of the interest.

The Markets at Town Center is at northeast Gate and Town Center parkways.

The Big V Property Group release said the Town Center is “the #1 shopping destination between Orlando and Atlanta.”

Hines Global REIT 4875 Town Center LLC sold the property to four LLCs, each with a percentage of the interest.

The open-air Markets at Town Center includes tenants Nordstrom Rack, REI, Ulta and West Marine.

Big V Property Group owns and operates 51 neighborhood and community shopping centers of more than 9 million square feet of space, primarily in the southern U.S.

It says it has major offices in Charlotte, North Carolina; San Antonio; Bristol, Tennessee; and Florida, New York.

San Diego-based Equity Street Capital is a commercial investment firm.

In October 2020, Hines sold the closed Toys R Us and Babies R Us property in The Markets at Town Center to Rooms To Go for $10 million.

Rooms To Go renovated the building and opened Oct. 2.

In 2013, Hines Global REIT 4875 Town Center LLC bought the property from Pinehill Markets Operating LLC and Pinehill Markets Operating OP 6 and 6A LLC.

The 254,089-square-foot shopping center is anchored by Sprouts Farmers Market.

Property Hines bought the property in July 2013 for $135 million.

Three deeds were recorded for $127.2 million, $3 million and $4.75 million.

Pinehill Markets Operating LLC and Pinehill Markets Operating OP 6 and 6A LLC were the sellers. Hines Global REIT 4875 Town Center LLC was the buyer.

The deal included more than 52 acres, identified as the Marketplace at Town Center, but excluded 11 parcels, most of which were developed as outparcels for retailers and restaurants.

Pinehill Markets Operating, based in Atlanta, bought the property in 2008. Development began in 2007.

Among other tenants who initially leased space were Best Buy; Toys R Us and Babies R Us; Pei Wei Asian Kitchen; Blackfinn American Grille; and Brio Tuscan Grille. 

Of those, Best Buy moved across the street and its space was leased to Sprouts; Pei Wei closed and the space was leased to Buff City Soap; Blackfinn has been leased to Ballard Designs; and Brio has been leased to Sugar Factory.

The Shopping Center Group Partner Stephanie McCullough and Senior Vice President Kelly Pulignano has been representing Hines in leasing the property, as well as in the sale of the space to Rooms To Go.

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