Rowe’s IGA Supermarkets founder Rob Rowe sold two store buildings Jan. 8 to a Dallas-based retail investor for a combined $17 million.
Netstreit Corp. bought the properties through NS Retail Holdings LLC. The real estate investment trust specializes in buying single-tenant net lease retail properties nationwide.
That indicates Rowe’s IGA Supermarkets, a company Rowe founded in 2005 and sold in 2022, will continue to lease the properties.
• Through Rarre III, Rowe sold the store at 9866 Baymeadows Road for $7.3 million. The 57,430-square-foot store on almost 5.73 acres was built in 1986. Rarre III paid $3.7 million for the property, a former Winn-Dixie, in February 2019. Winn-Dixie closed the store in 2018 as part of the Southeastern Grocers Inc. bankruptcy restructuring.
• Through Rarre IV, Rowe sold the store at 5435 Blanding Blvd. for $9.7 million. The 63,950-square-foot store on 3.39 acres was built in 1978. Rowes IGA LLC bought the former Albertsons in February 2023 for $2.6 million and conveyed it to Rarre IV. Albertsons Inc. had assigned its lease agreement to Rowe and Rowe’s Enterprises LLC in August 2005.
As of Sept. 30, 2025, publicly traded Netstreit said it had 721 investments in 45 states totaling 13.18 million square feet of space for 114 tenants representing 28 industries with occupancy of 99.9%.
Rowe’s IGA sold
Grocery founder Rob Rowe sold the business in December 2022 to a Caribbean-based holding company and continued to run the company.
Rowe said by text Jan. 13 that he now is out of the business.
Massy Holdings Ltd., based in Trinidad and Tobago, bought Rowe’s IGA Supermarkets, which operated seven Jacksonville stores, for $47 million.
Rob Rowe established Rowe’s IGA in 2005 by acquiring seven stores closed by Albertsons Companies Inc. after that supermarket chain pulled out of the Jacksonville market.
He sold one, opened six as Rowe’s and then sold five of those, keeping the Blanding Boulevard store. Rowe resumed expansion in 2010.
Rowe is a former executive with the Albertsons and Winn-Dixie chains.
Massy is a century-old company with investments mainly in the Caribbean region in three areas: integrated retail, gas products and motors and machines.
The company said in a news release that it bought Rowe’s to expand its retail presence in the U.S.
“It was an opportunity for me to stay in the same position without being an owner,” Rowe said at the time of the sale.
Rowe’s IGA remained the banner for the stores.
“The acquisition of Rowe’s Supermarkets is part of our integrated retail portfolio strategy to expand our footprint in the U.S. market,” said Aaron Suite, a director at Massy Integrated Retail Ltd.
He said the team running the business would continue to operate it. “And we will provide the support that it needs,” he said.
Rowe’s IGA Supermarkets’ seven locations include the Blanding and Baymeadows stores.
Rowe’s continues to lease supermarket space at 8595 Beach Blvd., No. 329, in Gates of the Promenade at Beach and Southside boulevards in South Jacksonville; at 6765 Dunn Ave. in Dunn Village at Dunn Avenue and New Kings Road in Northwest Jacksonville; at 1012 Edgewood Ave. N. in Commonwealth Shopping Center at Commonwealth and Edgewood avenues in Northwest Jacksonville; at 8299 W. Beaver St. in Marietta Square at Beaver Street and Bulls Bay Highway in West Jacksonville; and at 1670 Wells Road in Debarry Place shopping center in Orange Park.