Agree Realty Corp. Acquires Retail Property In Jacksonville For $23.25M
8046 Philips Hwy Jacksonville, FL 32256, USA
$23,250,000
$190/SF
Building Size
122,149 SF
Asset Type
Retail
Closing
Jun 30, 2023
AI
Agree Realty Corp. has acquired the BJ's Wholesale Club at 8046 Philips Highway in Jacksonville for $23.25 million from 8046 Philips Highway LLC. The property, situated on 11.18 acres, features a retail building with a total square footage of 122,149. The purchase price amounts to $190 per square foot.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $23,250,000
- Address: 8046 Philips Highway
- Market: Jacksonville
- Buyer: Agree Realty Corp. - Joey Agree
- Seller: 8046 Philips Highway LLC - Richard Kassis
This acquisition adds to Agree Realty Corp.'s portfolio of properties leased to leading retail tenants. Joey Agree, representing Agree Realty Corp., and Richard Kassis, representing 8046 Philips Highway LLC, were the key individuals involved in the transaction.
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93