For sale

$5,475,000

35388 SQF 96 % Occupancy 8 % Cap Rate
Knightboxx village is a Walgreens anchored, 35,388 square foot retail center on Blanding Boulevard, in the Jacksonville MSA. The site consists of two structures – a 13,908 square foot stand-alone Walgreens and a 21,483 square foot strip center. The property sits on a 4.21 acre site on the intersection of Blanding Boulevard and Oak lane to the north.

Knightboxx Village has a strong occupancy history, With a diverse array of tenants. The anchor, w;1lgreens, has been at the center since 1998, and other colorful tenants such as Big Dawgs and The Pig BBQ have: been at the center more than ten years. The tenants are paying market rents, and there is a staggered le,.se rollover schedule that offers investors stability upon purchase.

Key Considerations

  • 48,000 cars/day on Blanding
  • The Walgreens store sales have gone up 9-15% over the last 2 years as a result of the CLOSING down of a competing Walgreens nearby approx. 1.5 miles away
  • Walgreens has just joined a partnership with Prime Therapeutics (the pharmacy benefit manager for Florida Blue Cross and Blue Shielf) — corporate offices in JAX. This partnership is expected to enhance Walgreens MARKET SHARE as a prescription fulfillment center —offering a significant boost in store sales
  • B+ asset built 1997
  • The anchor Walgreens is accompanied by an 8 unit strip within plaza
  • POSITIONED EQUIDISTANT: Walmart, Publix, Lowes, Marshalls, and Home Depot
  • Very strong tenant history and mix

Special Opportunities & Risks Considered

  • Assumable LOAN:
    • o Balance: $3,050,000.00
    • o Rate: 4.85%
    • o Maturity: Nov 2023
    • o AMORT: 20 years
    • o Balance at MATURITY: $2,538,918
    • Selling at BELOW replacement cost = $154.71/sqft
    • VERY Safe Debt Coverage ratio = 2.3
    • Refinancing should be easy in 2023
    • Amazon Resistant Plaza
    • Strong Fundamentals

Additional Details

  • Daily Traffic: 48,000 cars/day on Blanding