JACKSONVILLE, FLORIDA– The Capital Markets Group of Cushman & Wakefield of Florida, Inc. announced today that it has finalized the sale of the Crossroads Square Shopping Center, a 174,153 square foot community shopping center anchored by Floor & Décor, Office Depot, and Harbor Freight Tools.
The shopping center is located at 8102 Blanding Boulevard in Jacksonville, Florida within the Orange Park retail submarket. The property, previously owned by Global Fund Investments, LLC, was purchased by “Sierra Building Group”, a Canadian investor based out of Toronto, Ontario for a sales price of $13,750,000. On Tuesday, October 14th, 2014.
Karl Johnston, Senior Director, Mark Gilbert, Executive Vice President, and Adam Feinstein, Executive Director, of Cushman & Wakefield’s Capital Markets Group handled the transaction for Global Fund Investments, LLC.
Joel Coykendall of Northmarq Capital’s Jacksonville office handled the financing and loan origination for the buyer.
Originally developed in 1985, Crossroads Square is situated on a strategic 18.84 site offering a Regional Mall and I-295 beltway setting at the gateway to one of Jacksonville’s largest suburban communities.
Crossroads Square offers a strong fundamental and strategic location with an outstanding occupancy history within its submarket. While the offering received strong interest from the investment community Sierra Building Group was the ideal purchaser for the center, said Johnston, Senior Director with Cushman & Wakefield’s Jacksonville office.
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 234 offices in 61 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Corporate Occupier & Investor Services, including integrated real estate strategies for large corporations and property owners; Consulting Services, including business and real estate consulting; and Valuation & Advisory, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors.