TSG Realty has been selling and acquiring retail properties.
JWB Real Estate Companies LLC paid $5.08 million Aug. 15 for the almost 19-acre Town & Country Shopping Center with about 200,000 square feet of space built from 1953-79.
Pamela Howard, property manager with TSG Realty and agent for the former owner of the Town & Country Shopping Center in Arlington, said JWB made an unsolicited offer to buy the retail property at northeast University Boulevard and Arlington Expressway.
“JWB is an exceptional local company who has big plans for the property,” Howard said in an email.
She said Town & Country Shopping Center Inc., led by President Leonard Setzer, will invest the sale proceeds into a 1031 exchange “to focus more on its core business of exceptional retail strip centers and single-tenant assets.”
She said the sellers “wish JWB all the best with Town & Country Shopping Center. We know they will do an outstanding job with this property.”
JWB President Alex Sifakis said his group, which focuses on infill housing development, is evaluating options for the site and will honor current leases.
TSG then announced it purchased the Aldi at 4444 Town Center Parkway in Town Center Promenade. The 17,760-square-foot building sits on 2.2 acres and has a long-term lease with the grocer.
“We were very pleased to purchase the Aldi,” Howard said. “It was purchased using cash from investors.”
Section 1031 is an Internal Revenue Code provision that defers tax on qualifying exchanges of like-kind real estate.
According to property records, Town & Country Shopping Center Inc. paid $3.7 million for the store. The seller was CPC Jacksonville SJTC LLC. CPC is part of Atlanta-based Core Property Capital.
“We bought it because we think this is a premier location at the corner of the traffic light at Town Center,” Howard said. “Aldi is an excellent tenant and the close proximity of the property to UNF makes this an especially successful store.”
The University of North Florida is 1.6 miles east.
TSG also owns the Freddy’s Frozen Custard & Steakburgers property next door at 4458 Town Center Parkway.
“We liked the idea of controlling both corners on our side of the street,” Howard said.
The Aldi was part of the 1031 exchange from the sale of the Town & Country center. In addition, Town & Country Shopping Center Inc. purchased the 7-Eleven store at 920 Margaret St. in Riverside last week for $1.2 million as an investment.
Howard said TSG is growing and making a few acquisitions of prime locations each year.
Earlier this year, it acquired a Burger King on County Road 210 in St. Johns County.