Proper Capital & Real Estate represented the buyer in the acquisition of a VyStar Credit Union branch building in a $2.1 million deal.
“The transaction was a strategic move by the buyer, who already owns Main Street Place, the adjacent shopping center,” said a Proper Capital & Real Estate news release June 15.
Jacksonville-based Proper Capital & Real Estate Managing Partner Jonathan Heldenbrand said in the release that the 4,712-square-foot building is at 13075 N. Main St. in North Jacksonville.
VyStar, which intends to vacate the building to move nearby, sold the property June 12 to Main Street Place at Oceanway LLC, which is led by Reekee Patel. Proper Capital & Real Estate serves as the group’s asset manager.
Ricky Ostrofsky, regional managing director of Franklin Street in Jacksonville, handles leasing for the shopping center. He will also represent the VyStar property, the release said.
A Franklin Street brochure for the shopping center shows the VyStar branch as “coming available.”
“As an outparcel to that center, the VyStar building represented a rare opportunity to consolidate ownership of a key asset and enhance the overall value and cohesion of the shopping center as a whole,” Property Capital & Real Estate said in the release.
Main Street Place is at southeast North Main Street and Airport Center Drive East.
The VyStar branch was built in 2011 on 1.29 acres. It includes a four-lane drive-through, one ATM lane and 33 on-site parking spaces. Proper Capital & Real Estate said the site is near Jacksonville International Airport, River City Marketplace and Interstate 95.
It said VyStar was represented in the sale by Traci Jenks, senior director of Cushman & Wakefield.
Heldenbrand said VyStar is closing the location as it consolidates to a former 121 Financial Credit Union site nearby.
“We hope to be able to repurpose the building rather than demo but will let the market dictate,” Heldenbrand said.
VyStar Credit Union completed a merger with 121 Financial Credit Union in 2024.
Jacksonville-based VyStar issued a statement June 16 about the Oceanway branch.
“VyStar Credit Union will be consolidating its Oceanway branch into our nearby Revell Drive location (less than a mile away) as part of a broader effort to enhance the member experience and reduce overlap between branches. Our newly renovated Revell Drive branch will serve members from both locations in a modernized space designed to better meet their needs,” it said.
“This transition allows us to continue investing in the services and solutions that have the greatest impact for our members and the communities we serve. All employees from the Oceanway branch will remain with VyStar.”
VyStar said members continue to have access to 78 full-service branches across Florida and Georgia, along with a network of more than 55,000 surcharge-free ATMs worldwide.
Main Street Place at Oceanway LLC paid almost $9.7 million in April 2021 for the Main Street Place shopping center at 12961 N. Main St.
The 45,505-square-foot center was developed in 2005-06 on 7.76 acres.