A Northside shopping center is listed for sale at nearly three times what the owner paid for it in 2013.
Namdar Realty Group is offering Jacksonville Regional Shopping Center, at Dunn Avenue and Lem Turner Road, for $18.1 million, according to a company brochure.
The New York-based commercial real estate investor purchased the 220,000-square-foot shopping center for $6.8 million in September 2013, according to property records.
The community shopping center built in 1988 is anchored by Winn Dixie and J.C. Penney.
According to Namdar, the center is 95.5 percent occupied and offers a net operating income of $1,446,847. Of the center’s current leased tenancy, 86 percent have been in place for at least 10 years.
Namdar Realty Group is a privately held investment firm that owns over 15 million square feet of commercial real estate in the U.S., according to its website. The company's portfolio includes retail strip centers, medical and office buildings.
It purchases $1 million or higher properties in the Northeast, Southeast and Midwest that are at least 30,000 square feet, 50 percent occupied and have a high cap rate.
In February 2014, Namdar purchased Jacksonville’s Regency Square Mall in partnership with Mason Asset Management Inc., which is based in New York.
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