Listed by NAI Hallmark
Unpriced
Kernan Plaza
Details
APN 167065-0820
Property Type Retail
Sub Type Shopping Center
Square Footage 10,400
Occupancy 63%
Tenancy Multi
Year Built 2002
Buildings 1
Stories 1
Acreage 1.030
Zoning PUD
Parking Spaces 38 spaces
Parking Per SqFt 3.65
Investment Type Value Add
Retail | 10,400 SqFt
Marketing description
NAI Hallmark, as exclusive advisor, is privileged to present the opportunity to acquire Kernan Plaza, located at 3503 Kernan Blvd South, Jacksonville, Florida 32224 (the "Property"). The Property consists of a single-story, multi-tenant retail shopping center for a total of 10,400 square feet situated on 1.03 acres of land. The Property, shadow anchored by Publix, offers direct access to Kernan Boulevard and immediate proximity to Beach Boulevard, one of the primary east-west thoroughfares in the Jacksonville MSA with 52,000 AADT. The Property offers an incredibly rare opportunity to invest in a cash flowing retail asset with value add upside in one of Jacksonville's most coveted areas.
Investment highlights
- The Property is located within an affluent and dense trade area, and benefits from strong retail synergy as a Publix shadow-anchored center with proximity to Sprouts-anchored Tamaya Market, driving consistent traffic and cross-shopping.
- The Property offers in-place cash flow with a diversified tenant mix and 63% occupancy, providing immediate income with significant upside potential through leasing vacancy and marking below-market rents to current market levels, while also offering flexibility for a potential owner-user to occupy space and offset costs.
- The Property is strategically located along Kernan Boulevard with immediate proximity to Beach Boulevard (52,000 AADT) and is less than two miles from the St. Johns Town Center, while also benefiting from nearby institutions including the University of North Florida and Florida State College at Jacksonville, which collectively provide a consistent and growing consumer base.
- The Southside retail submarket continues to experience strong rent growth and low vacancy, supported by dense surrounding demographics of over 185,000 residents with average household incomes exceeding $108,000 within a five-mile radius, positioning the Property to benefit from continued tenant demand and rental rate increases.
- Jacksonville continues to rank among the fastest-growing metros in the country, supported by strong population and employment growth, a business-friendly environment with no state income tax, and recognition as the #2 hottest job market in the U.S. by the Wall Street Journal in 2024.
Listing Contacts
Listed by NAI Hallmark
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