Goldstein Commercial Properties Inc. announced Oct. 28 that it brokered the sale of the Northern Tool + Equipment and JaxCo Furniture property at 9978 and 10000 Atlantic Blvd. for $7.025 million.
Nor-Rec LLC of Boca Raton sold the property July 17 to 10000 Atlantic LLC, which Goldstein Commercial said bought the property as an investment.
Goldstein represented the seller.
Jacksonville-based 10000 Atlantic LLC is led by members of the Bush family, which owns an automotive group that has property nearby.
The 46,000-square-foot building is leased to Northern Tool in 24,953 square feet and JaxCo Furniture in 21,047 square feet.
The roughly 5.6-acre site is at southeast Atlantic Boulevard and Anniston Road in the Regency area of Arlington.
Goldstein Properties said the property was developed in 1985 as a Circuit City store and later sold to a private investment group that renovated it after the electronics retailer closed in 2009.
It was then bought by a group led by principals of Leisure Bay Industries who redeveloped and expanded the property to accommodate a new build-to-suit for Northern Tool under a long-term lease in 2008.
Goldstein Commercial said that along with redevelopment, Leisure Bay Industries leased the former Circuit City space to Rec Warehouse, a manufacturer of outdoor spas that sold patio furniture and pool tables.
It said Rec Warehouse closed its business and the property was sold to Nor-Rec LLC as an investment and the former Rec Warehouse space was leased to JaxCo Furniture, which has operated at the property since 2018.
Goldstein Commercial said it brokered the sale of the property in October 2008 to Nor-Rec LLC at $7.34 million and did a long-term lease with Northern Tool on a build-to-suit basis for 24,953 square feed.
JaxCo leased the adjacent former Rec Warehouse space of 21,047 square feet.
Goldstein Commercial managed the property for Nor-Rec LLC until it was sold to 10000 Atlantic LLC.
Jacksonville-based Goldstein Commercial Properties is a full-service real estate firm that specializes in the leasing, management and sale of commercial and investment properties. It has been in business since 1988. Barry J. Goldstein is president.