Blanding Town Center

Highlights

• STABLE CASH FLOW WITH UPSIDE: The Property has minimal tenant turnover, the average length of tenancy is 9.8 years. The rent roll is also strong with a diversified tenant mix. The Property is currently 86% occupied, and several tenants are paying below market rents. There is upside in leasing up the vacancy, and also increasing rents to market rate over time.
• HIGH BARRIER INFILL LOCATION: The Property is located at the corner of Blanding Blvd (26,500 AADT) and 103rd Street (28,000 AADT), which are two major thoroughfares on the West Side of Jacksonville. The Property is also in close proximity to I-295, US-17, Naval Air Station Jacksonville, Cecil Airport and Cecil Commerce Center (Amazon, Wayfair, Boeing, and Stellar Energy).
• E-COMMERCE RESISTANT RENT ROLL: The property has a diversified roster of tenants from a variety of industries, many of which are resistant to the pressures of online shopping, including grocery and medical.
• ROBUST RETAIL RENT GROWTH: The Jacksonville MSA has experienced tremendous rent growth,specifically for retail properties, over the past several years. According to Costar data, Jacksonville led the country in 2023 in retail rent growth at 11.9%. The Property, with some tenants paying below market rents, and rapid rent growth, is positioned well to add value in the coming years.
• FAST GROWING MAJOR METRO IN FLORIDA WITH NO STATE INCOME TAX: This offering provides the opportunity to invest in the Jacksonville, FL MSA, which is benefiting from major population and employment growth. Jacksonville has consistently enjoyed some of the largest increases in net population inflow in the entire country for the past several years and was named the #2 hottest job market in America by the WSJ in 2024.

Description

NAI Hallmark, as exclusive advisor, is privileged to present the opportunity to acquire Blanding Town Center, located at 5014 - 5276 Blanding Boulevard in Jacksonville, Florida 32210 (the “Property”). The Property consists of a two-building, multi-tenanted grocery anchored neighborhood retail center totaling approximately 83,069 square feet.
The Property provides a rare opportunity to purchase a well-located, stabilized retail center with a strong, diversified rent roll and the potential to increase rents to market over time.

The Property is located at the corner of Blanding Blvd (26,500 AADT) and 103rd Street (28,000 AADT), which are two major thoroughfares on the West Side of Jacksonville. The Property is also in close proximity to I-295, US-17, Naval Air Station Jacksonville, Cecil Airport and Cecil Commerce Center (Amazon, Wayfair, Boeing, and Stellar Energy).