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Green Cove Springs Shopping Center Sold for $5.8M

Green Cove Springs Shopping Center Sold for $5.8M

Full Article Here - Jacksonville Business Journal - by Allison Colburn - March 29, 2018

Green Cove Springs Shopping Center Sold for $5.8 Million

A Brooklyn-based investment group has purchased a 32-unit shopping center in Green Cove Springs. Magnolia Associates LLC, based in New Jersey, sold the center for $5.8 million to 1305 North Orange Ave. Holdings LLC, which is named after the shopping center’s address. The property has an 8.2 percent capitalization rate. Herman Niederman and Bernard Niederman, who has a Jacksonville address, are the authorized managers of the purchasing company.

 

The shopping center is located across the street from the Governor’s Creek Public Boat Ramp. At the time of the sale, it was at least more than 70 percent occupied. Among the center’s tenants are Ace Hardware, Dollar General and Woody’s Bar-B-Q. Austin Kay and Matthew Clark of Prime Realty brokered the deal, with Kay taking the lead.

“We will continue to handle the leasing for the new ownership and hope to see the center fully occupied in the near future,” Kay said. 

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The Clay Florida Economic Development Corporation provides concierge service for companies who want to re-invest in expansion in the county or relocate their companies to the region.

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