Shops at Race Track in Jacksonville, Florida Sells for $11.09 Million

SRS Real Estate Partners has completed the $11.09 million sale of Shops at Race Track, a 16,998-square-foot (sf) retail property located at 4560 Race Track Road in Jacksonville, FL. Situated on 2.39 acres, the property is fully occupied by six tenants including Heartland Dental, Dep Nails and Avecina Medical.

SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble represented the seller, a national real estate developer and investor. The buyer, a private real estate investor based in New York and Jacksonville, was represented by Sean McGill with Cantrell & Morgan.

The property is located at a highly visible, signalized intersection and is in the heart of Durbin Park, a premier mixed-use destination featuring 2.4 million sf of retail space, 2.8 million sf of office space, 1,000 multifamily units, 350 hotel rooms, and the Flagler+ UF Health campus.

"We've completed five similar acquisitions with this buyer over the past year, and they continue to demonstrate a disciplined, highly experienced approach to acquiring unanchored retail strip centers through strategic 1031 exchanges," said Nutt. "Their familiarity with the product type and certainty of execution made them an ideal buyer for this asset."

"The buyer's team has been actively redeploying capital from Northeast dispositions into the Jacksonville market. Given our extensive experience around this immediate retail area including seven prior transactions across multiple developments, we had tremendous confidence in both the location and the buyer's long-term investment strategy," added Wamble.

Last year, SRS Capital Markets completed more than $3.5 billion in deal volume comprised of 950 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.

About SRS Real Estate Partners

Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. A leader in consumer-driven real estate, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 29 offices nationwide, the firm measures its success by the achievement of its clients' objectives, satisfaction, and trust. For more information, please visit srsre.com.