TSG Realty bought the center Oct. 7, citing the property’s location across from the planned Regal Apartments.
Jacksonville-based TSG Realty paid $4.1 million on Oct. 7 for the Shoppes of Regal shopping center at 14054 Beach Blvd.
The 15,600-square-foot center is between Hodges Boulevard and San Pablo Road, across from the former Regal Cinemas site, which will be redeveloped into market-rate apartments.
Regal Plaza LLC paid $920,000 for the property in 2015.
“We are very pleased to be able to acquire a sizeable asset in this desirable section of Beach Boulevard,” Pam Howard, TSG Realty property manager, said in an email.
She cited the “upscale multifamily complex being developed directly across the street by Presidium Group at the site of the former Regal Theatre” as a factor in the location’s attraction.
About Floors and More, Jacksonville Smile Center, Metro PCS, and Pretty Pink Nails are tenants in the center, which is 82% occupied.
Eric Yi of NAI Hallmark brokered the sale on behalf of the buyer and seller.
Dan Jackson and Mitch Hunt of South State Bank provided financing for the purchase.
“Shoppes of Regal is a well-positioned value add opportunity in the Intracoastal West submarket of Jacksonville,” Yi said in a news release.
“With direct access and visibility on Beach Boulevard, the Property experiences strong daily traffic counts of 37,500 cars per day,” he said.
“The immediate area is home to various major retailers, including Target, Walmart, Bealls, Chick-fil-A, and many more. With Jacksonville’s continued population and job growth driving retail demand, I expect continued interest for similar positioned assets.”
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