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Agree Realty Corp. Acquires Retail Property In Jacksonville For $23.25M
SOLD
$23,250,000
Florida
See Similar DealsRetail122,149 SF
Sold 06/30/2023
SOLD
Agree Realty Corp. Acquires Retail Property In Jacksonville For $23.25M
8046 Philips Hwy Jacksonville, FL 32256, USA
See Similar DealsRetail122,149 SF
Sold 06/30/2023
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$190
Total Square Footage:122,149 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,240,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$82,602.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$110,216.86
Annual Debt Service$1,322,602.34
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