Equity One, a shopping center REIT, has purchased the Medical & Merchants at San Pablo Shopping Center in Jacksonville, Fla., for $21.98 million. Anchors Publix Super Markets and Memorial Health Care Group occupy a total of 117,999 sq. ft. in the 152,761 center, which is now 96% leased.
"Medical & Merchants is an excellent addition to our portfolio, with two strong anchor tenants in a demographically strong, urban, infill location," says Chaim Katzman, chairman and CEO of Equity One. "With 85 properties aggregating approximately 9.3 million sq. ft., including 10 properties in the Jacksonville area, we are the largest owner of shopping center properties in Florida, one of the fastest growing states in the nation."
The retail complex occupies a 20-acre site near a major thoroughfare that connects Jacksonville Beach with the Arlington/Southside areas of the city. The trade area boasts a population of 63,294 with a median household income of $76,262. Equity One funded the purchase price from its unsecured line of credit.