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Colliers International Northeast Florida Facilitates $5.4+ Million Sale of Five Points Plaza in Fernandina Beach

Center traded at a 7.32 CAP rate

Published Friday, January 17, 2020

 

Colliers International Northeast Florida has facilitated the $5.4+ million sale of Five Points Plaza, a shopping center comprising 31,800 square feet of retail space across three buildings located at the southeast corner of 8th Street and Sadler Road in Fernandina Beach, Fla. 

 

Matt Entriken and Robert W. Selton represented the seller, T.J. of Nassau, Inc., in the transaction. Skinner Bros. Realty Company represented the buyers. The transaction closed on December 20, 2019.

 

Colliers International Northeast Florida was contracted to oversee leasing at the center in 2014. Entriken and Selton implemented a strategy to stabilize the tenant mix and backfill the vacant spaces, which included a 14,400-square-foot lease for Dollar Tree in the center’s junior anchor space and a lease for Beach Diner in a building previously occupied by Applebee’s.

“Five Points Plaza has experienced a renaissance in recent years; after losing its anchor tenant in 2014, we proactively worked with the center’s owner to attract and retain a balanced portfolio of local and national tenants to stabilize the asset and ensure the center’s viability,” said Entriken. “Being located at the ‘Main & Main’ intersection of Amelia Island, the center should continue to thrive for years to come.”

Colliers International Northeast Florida will retain leasing oversight for the property under the new ownership. The center currently has two spaces available, consisting of 1,200 square feet and 2,000 square feet. For leasing information, email Matt Entriken at matt.entriken@colliers.com