Marcus & Millichap : Announces $5.125M Sale of 42,570 SF Jacksonville Retail Property

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Marcus & Millichap Announces $5.125M Sale of 42,570 SF Jacksonville Retail Property

May 13, 2024

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JACKSONVILLE, Fla., May 13, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Dunn Ave Plaza, a 42,570-square-foot retail property, in Jacksonville, Florida, for $5,125,000.

"This was a unique retail asset with 67% occupancy and an in-place cap rate of 4.44%. Our team never brought it to the full market and instead utilized the power of the Marcus and Millichap platform and in-house e-blasts to generate eight offers within the first two weeks of limited marketing, creating a competitive bidding atmosphere. Ultimately, this limited marketing process led to a full-price contract and a successful close of escrow within thirty-six business days," says Simon V. Grigoryan, CCIM, first vice president of investments.

Simon V. Grigoryan, CCIM and Edwinn Bruchman, investment specialists in Marcus & Millichap's Jacksonville office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a private investor.

"Although we have recently been working through an uncertain market due to macroeconomic trends, this closing shows that the demand for multi-tenant unanchored retail, with strong core real estate fundamentals, is still abundant," comments Edwinn Bruchman, associate.

Located at 1440 Dunn Ave., the three-building retail center is situated less than one mile from Interstate-95 on a major north Jacksonville retail corridor, which sees 35,000 vehicles per day. The property, situated on 3.37 acres, is 67% occupied and comprises 26 national, regional, and local tenants with suites ranging from 780 to 4,200 square feet. Additionally, the center is less than five miles from Jacksonville International Airport and near industrial business parks.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.