Georgia Investor Buys 219,000-SF Regency Court on Arlington Expressway
Regency Centers of Jacksonville sold the Regency Court Shopping Center at 9222-9398 Arlington Expressway in Jacksonville to Garfunkel Development Co. of Savannah, GA, for $25.25 million, or approximately $115.50 per square foot, with an 8.11% cap rate.
The 218,646-square-foot shopping center was originally constructed in 1970. Approximately 88% of the tenant roster is comprised of national and regional credit tenants including: Sports Authority, Comp USA, Sofa Express, Office Depot and a new K&G Superstore. Rooms To Go and Longhorn Steaks are on out-parcels.
Plaza Advisors exclusively represented the seller, Regency Centers. The buyer, Garfunkel Development, was not represented by a broker. Jim Michalak, manager partner of Plaza Advisors, acted as the sole broker in the transaction.
Plaza Advisors is a real estate brokerage firm based in Tampa. Michalak is a 22-year career real estate broker specializing in the disposition of anchored shopping center properties throughout the southeastern United States. Since 2000, Michalak has closed 66 shopping center transactions with an aggregate sales volume exceeding $1 billion.
http://www.realestate-jacksonvilleflorida.com/jacksonville-real-estate-business-news.html
Thursday, May 17, 2007
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