Colliers | U.S. announced May 26 that it represented the seller of CB Square, a fully leased 73,100-square-foot Aldi-anchored retail center, to PARE Investments from Core Investment Management for $11.2 million.
The property is at 9333 Atlantic Blvd., east of Southside Boulevard in the Regency Square Mall area of Arlington.
Colliers said Brad Peterson and Whitaker Leonhardt represented the seller, Miami-based Core Investment Management, in the transaction.
“CB Square represented a rare opportunity to acquire a grocery-anchored retail asset with 100% national tenancy in a dense, infill Jacksonville location at a basis below replacement cost,” said Leonhardt, executive vice president at Colliers.
“The long-term recommitment from Ashley HomeStore Outlet, combined with durable anchors and strong traffic exposure, drove significant investor interest.”
CB Square was built in 2004 and renovated in 2018.
Colliers said it is anchored by Aldi and Ashley HomeStore Outlet.
The center was 100% occupied by national brands at the time of the sale, including Mattress Firm, Panera Bread, Moe’s Southwest Grill and Xfinity.
A news release said the occupancy “demonstrates strong tenant retention, with three tenants occupying the property for more than 21 years.”
The location is at the signalized intersection of Southside and Atlantic boulevards. It is about 4.25 miles from Downtown Jacksonville with a population of more than 94,700 residents within 3 miles.
“Investors continue to target well-located grocery-anchored centers with strong tenancy and proven performance metrics,” said Peterson, vice chair at Colliers.
“CB Square’s combination of low anchor rents, favorable health ratios and infill positioning made it a compelling acquisition.”
The release said PARE Investments is a joint venture between the principals of Post Real Estate Group and Argan Ventures, focused on the acquisition of value-add shopping centers throughout the U.S. Argan Venture’s principal Ethan Beutel focuses on the day-to-day management of the retail portfolio, while leveraging the scale of Post Real Estate Group’s infrastructure and national reach to bring an institutional-quality approach to private real estate investments.
“CB Square fits squarely in our investment thesis of acquiring well-located assets in strong submarkets at an attractive basis - allowing for near- and long-term value appreciation,” Beutel said.
CORE and its affiliate, CPG Leasing & Management, own and actively manage about 2 million square feet of retail properties throughout Florida’s major markets, including Jacksonville, Miami, Orlando and Tampa.