December 18, 2019– Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville., Fla. Franklin Street’s Bryan Belk and John Tennant represented the seller, Sand Capital of Phoenix, Ariz., in the transaction. The buyer, who plans to hold the property long-term, is a Jacksonville-based private investor. Over the past three years, Franklin Street’s Belk and Tennant have arranged more than $863 million in retail investment sales transactions nationwide.
Regency Point is situated on a prime retail corridor across the street from Regency Square Mall, a 1.4 million-square-foot regional center. Built in 1981, the newly renovated shopping center features a strong national tenant mix including Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile.
“Our client was able to upgrade the façade, parking lot and property lighting, which attracted a national tenant lineup to the center,” said Tennant, senior director for Franklin Street’s Atlanta office.
“Traditional mall tenants are revaluating their real estate portfolios,” said Belk, senior director of retail investment sales at Franklin Street. “In some cases, tenants are deciding that it’s better for them to be in a retail strip center with excellent road visibility like Regency Point, instead of in mall locations where foot traffic is decreasing.”