1020 Edgewood Avenue - Jacksonville, FL 32220

Listing Price:	$7,250,000
CAP Rate:	6.51%
Proforma CAP Rate:	7.17%
Lot Size:	13.02 Acres
Price per SF:	$88.99
Year Built:	1984
Rentable SF:	81,467 SF

INVESTMENT HIGHLIGHTS

• 81,467 SF Grocery Anchored Shopping Center Located in Jacksonville, Florida
• Grocery Anchor, Rowe’s IGA Supermarket Executed a new 10-Year Lease and opened for business in May 2020 after investing $2.95MM into their space
• All Rowe’s IGA Locations were Recently Acquired by Massy Stores USA, LLC, a Wholly Owned Subsidiary of Publicly-All Rowe’s IGA Locations were Recently Acquired by Massy Stores USA, LLC, a Wholly Owned Subsidiary of Publicly-Traded Massy Holdings Ltd.
• Major Recent Upgrades to the Property Totaling $4 Million
• Rowe’s IGA has an Incredibly Low Gross Rent to Sales Ratio of 1.1%, Ensuring their Long-Term Viability at the Property
• Rare Rent Increases of 12.5% every Five Years on the Grocery Anchor Provides for Strong Future NOI Growth and Appreciation
• Dollar Tree and Hibbett Sports also have Strong Health Ratios and Dollar Tree Recently Exercised a Five-Year Renewal
• Located within Opportunity Zone, Providing Potential Tax Benefits

PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present the sale of Commonwealth Shopping Center. This is a unique opportunity to acquire a strong-performing, grocery anchored shopping center in Jacksonville, Florida. The grocer, Rowe’s IGA Supermarket, recently executed a 10-year lease, with strong store sales and a very low rental rate.