November 15, 2019
CBRE has arranged the sale of Promenade Shopping Center, a 115,000-square-foot shopping center in Jacksonville. The sales price was undisclosed. CBRE’s Scott Rogers and Ryan Hixon represented the seller, Phillips Edison & Co., in the transaction. Jacksonville-based Hakimian Holdings acquired the property.
Located at 8595 Beach Blvd., the retail center sits on nearly 29 acres and is anchored by Rowe’s IGA Supermarket, Planet Fitness and the Armed Forces Career Center. Built in 1991, the property is 94 percent occupied and will be rebranded as Gates of The Promenade Shopping Center.
“Promenade Shopping Center is anchored by a strong local grocer and is in a central location. We had outstanding interest from investors across the Southeast,” said CBRE’s Rogers. “This is the buyer’s second grocery-anchored center acquisition, and it’s taking their portfolio to more than one million square feet.”
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