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Jax Daily Record Tuesday, Nov. 16, 202111:31 AM EST

Investors buy The Markets at Town Center

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Big V Property Group and Equity Street Capital bought the shopping center from Hines for an undisclosed amount.

Big V Property Group and Equity Street Capital announced Nov. 15 they bought The Markets at Town Center next to St. Johns Town Center.

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

The sale was not recorded with the Duval County Clerk of Courts as of 11 a.m. Nov. 16. The news release did not disclose the purchase price.

Houston-based Hines Interests Limited Partnership sold the center. Hines bought the property in July 2013 for $135 million.

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.”

Sprouts Farmers Market is an anchor at The Markets at Town Center.

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 founded by real estate investors Than Merrill and Paul Esajian.

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 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.

A satellite image of The Markets at Town Center. (Google)

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

Among 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 Grill. 

Of those, Best Buy moved across the street and its space was leased to Sprouts; Toys R Us and Babies R Us closed and that space was sold to Rooms To Go; 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.

They represented Hines in the leases to Buff City Soap, Ballard Designs and Sugar Factory. McCullough said those “as well as securing longer terms from existing tenants expedited the timing of the sale.”

It is not Big V’s first purchase from Hines.

In May, Realty News Report said Big V Acquisitions LLC paid $219.7 million to acquire The Rim, a 1.6 million-square-foot open-air retail center in San Antonio, from Hines.

The new site said Hines Global REIT purchased The Rim is several transactions beginning in 2014.

 

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