A San Diego-based real estate investment trust has acquired the La-Z-Boy home furniture store at St. Johns Town Center.
MDC Coast 16 LLC bought the building and 1.67 acres for $8.4 million through a special warranty deed. The sale price equates to $5.02 million per acre.
The 19,092-square-foot building was developed in 2007, according to the Duval County Property Appraiser.
The LLC’s principal address is that of Realty Income of San Diego, an S&P 500 company that says it manages a portfolio of 15,500 properties across the United States, the United Kingdom and seven other countries in Europe, according to its website.
The La-Z-Boy store is at 10207 Buckhead Branch Drive, southeast of Town Center Parkway and Big Island Drive.
AFG-JAX TC LLC sold the property.
Thomas DeGoey, co-owner of Atlanta Furniture Galleries, is listed in state records as CEO of AFG-JAX TC LLC.
In 2015, Atlanta Furniture Galleries paid almost $6 million for the St. Johns Town Center store, which had been TigerDirect, and announced plans to invest another $600,000 in renovations to turn the store into the company’s new concept design.
According to Duval County Property Appraiser records, the 2015 sale was the last time the property changed hands. The price was $5.99 million.
In July 2025, La-Z-Boy Inc. bought Atlanta Furniture Galleries from DeGoey and his spouse, Amy. According to a news release at the time, the business was the second-largest independent operator within the La-Z-Boy Furniture Galleries store network, with 15 stores, four warehouses and about $80 million in annual sales.
The Town Center La-Z-Boy remains open.
Property appraiser records show its taxable value at $6.04 million.