TSCG Closes Partial Sale of FL Retail Asset

By Jeff Hamann

Riverside Centre in St. Augustine, Fla.

Peter Sleiman Development Group has acquired a 62,000-square-foot part of the Riverside Centre in St. Augustine, Fla. The previous owner, a partnership of RCG Ventures and DRA Advisors, sold the space for $6.7 million, according to public records. The sale price marks a slight uptick in value compared with the joint venture’s acquisition of the property in 2015 for $6.6 million. Directors Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller in the transaction. The new owner funded the acquisition with a $4.6 million mortgage, held by Synovus Bank, per St. Johns County records.

Located at the northwest corner of Dixie Highway and Florida Route 312, the Riverside Centre is exposed to almost 40,000 cars per day. The part of the property included in the sale is home to Hobby Lobby and Sherwin Williams. The remainder of the shopping center is occupied by tenants such as Bealls Outlet, Big Lots and a number of smaller tenants. Sitting five miles from Interstate 95, the property is served by two on-site bus stops operated by St. Johns County’s Sunshine Bus Co.

“Purchasing this two-tenant portion of the market’s dominant retail asset is a smart passive investment particularly for a Jacksonville-based investor that understands the nuances of the region,” said Blanco in a prepared statement. “Both tenants are under triple net leases, and the adjacent anchored center enhances customer draw and traffic.”

Further east in St. Augustine, a new oceanfront resort under the Embassy Suites flag is expected to open later this quarter.

Image via Google Maps