3rd Quarter 2019 | November, 2019
The Encouraging Future of Retail in Northeast Florida
Despite the number of retail closures across the country, Jacksonville’s retail market is proof that physical retail spaces will not disappear anytime soon.
We are certainly seeing a change in the retail industry, but the term “retail apocalypse” is an over-exaggeration. In fact, we don’t have to look far to see retailer confidence in our market, as St. John’s county is booming with retail development. Brands like Publix’s GreenWise Market, Earth Fare, Walmart, and Home Depot are just a few examples of retailers continuing to grow their footprints in Northeast Florida giving us an encouraging look at the future of retail in Northeast Florida.

Numerous national retailers continue to search for space in Jacksonville, showing sustained demand in our market.
Strong demand from retail tenants chasing the heightened consumer spending in Jacksonville has allowed fundamentals to tighten in the market. Vacancies continue to compress to new lows, following strong absorption numbers in recent quarters. Thus, landlords have had the opportunity to push rents to record highs. However, rents remain a bargain compared to peer Florida metros. Supply waves in the past few years have not been cause for concern, as most new deliveries have come in the way of build-to-suits.

Belfort 1 at Belfort Park
7751 Belfort Parkway | Jacksonville, FL 32256

As the exclusive leasing agent for Acorn Property Holdings, we are pleased to present this 300,076 square foot office compl ex. With a variety of industries represented, diversified tenants include healthcare, technology, defense, and financial services, among others.

Vista Brooklyn
200 Riverside Avenue | Jacksonville, FL 32202

Located at 200 Riverside Avenue, Vista Brooklyn is a mixed-use development with ground floor retail and 308-unit luxury apartment community with breathtaking views of the St. Johns River and downtown.

Exchange South
9143 Philips Highway | Jacksonville, FL 32256

Exchange South is a highly functional five-building, 194,400 square-foot, Class A office and small-bay, rear-load, dock-high/grade-level light industrial facility. This property features modern building amenities including 16 dock-high doors, 35 drive-in doors, 65’ to 130’ shared concrete truck court and a high parking ratio of 3.4/1,000.

NAI Hallmark, in collaboration with Matthew Clark of Prime Realty, brokered the sale of 3101 South Orlando Drive in Sanford, Florida 32773.

The Property consists of 138,206 square feet situated on 14 acres of land.

“We knew from the beginning that U-Haul would be the perfect candidate to repurpose the property,” said Eric Yi, Senior Associate – Retail Specialist with NAI Hallmark. “From there it was just a matter of creating a deal that worked for both parties. We are happy to see life come to a property that sat vacant for so long.”

The transaction closed at $5,300,000 ($38/SF).
Most Recent Transactions
Investment Sales
RLFED Fleming, LLC purchased Fleming Island Business Park - Phase I, 75,669 SF for $9,176,000

TIAA Bank leased 50,884 SF at 501 Riverside Avenue
CBB Acquisition leased 15,468 SF at Belfort III
Regions Bank leased 13,101 SF at Centurion Plaza
Lutheran Services of Florida leased 9,414 SF at Baywood Center

Spirit Halloween leased 13,319 SF at Beach Plaza City Center
Dollar Tree leased 10,000 SF at Beach Plaza City Center
Tobacco Galore leased 7,850 SF at 5340 Normandy Boulevard
My Salon Suites leased 6,654 SF at Penman Plaza
Sonny's BBQ sold 5,195 SF at 4434 Blanding Boulevard for $935,000

Dupuy Storage of Florida leased 69,015 SF at 1030 North Ellis Road
Jackson Electric purchased 32,740 SF at 1502 Jessie Street for $1,150,000
Service Experts leased 14,420 SF at Interstate Distribution Center
Mattress 1000 leased 10,815 SF at Beach Boulevard Distribution Center

PACE Center for Girls purchased 2.96 AC at 425 College Drive for $495,000
Blanding Self Storage purchased 70,567 SF at 4645 Blanding Blvd for $400,000
US Flag Supply purchased 47,916 SF at 1845 Mayport Road for $375,000
Blanding Medical Center sold 4,650 SF at 921 Blanding Boulevard for $765,000
Want more information on these transactions? Email our team at info@naihallmark.com .
ICSC New York Deal Making Conference
New York Deal Making is your opportunity to connect with the retail real estate community, elevate your career and grow your business.

Get exclusive content and hear from those leading the retail renaissance in our industry.

Javits Center New York | December 10-12, 2019
UF Trends & Strategies Conference
Each year industry professionals discuss the future of Real Estate and network with the best in the industry at the Real Estate Trends & Strategies Conference hosted by the Bergstrom Center.

Commercial and residential real estate investors, real estate brokers, real estate appraisers, attorneys, architects, builders, developers and other real estate industry-related professionals will benefit from the education and networking opportunities.

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NAI Hallmark is a full-service commercial real estate company specializing in sales and leasing brokerage, property management, corporate services and development in Northeast Florida. Established in 1993, NAI Hallmark is currently involved in the leasing and/or management of a portfolio in excess of 6.5 million square feet of office, industrial and retail properties in the Jacksonville market. In addition, the company has developed more than $400 million in commercial projects throughout northeast Florida. As a member of the NAI Global network, NAI Hallmark is also connected to the largest network of independent commercial real estate firms worldwide. Learn more at NAIHallmark.com.

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