NKF Capital Markets has announced the sale of a 129,000-square-foot shopping center named Gleason Place and a 1.3 acre land outparcel for $18.25 million in Lake City, Florida.
Gleason Place was built in 2017 and is 100 percent leased to a successful tenant lineup including Hobby Lobby, Ross Dress for Less and Dick’s Sporting Goods. Located at 275 Hutton Place Northwest, Gleason Place is centrally located at the major intersection of U.S. Highway 90 and State Road 247, and is adjacent to a Publix-anchored center and the recently renovated Lake City Mall.
Hutton sold the shopping center and land parcel to North Lauderdale Associates. NKF Capital Markets Senior Managing Directors Drew Fleming and Mark Joines represented the seller.
According to NKF Research, one of the factors driving economic growth in the market is the Lake City Veterans Affairs Medical Center (VAMC).The Lake City VAMC is one of two VAMCs in the North Florida/South Georgia region. It employs approximately 1,250 people and provides a range of comprehensive healthcare options.
“Counter to the ‘retail apocalypse’ narrative, we consistently see Class A and B shopping centers in healthy markets with the right tenant line-up generate strong activity from the investment community,” Fleming said. “In the case of Gleason Place, the VAMC is an economic driver to the region, its anchor tenants draw from an expanded trade area and being situated at the intersection of two major interstates allows the property to capitalize on the traffic generated.”
About Hutton
Hutton is a fully integrated, self-managed real estate development and investment company, primarily focused on acquiring, developing, constructing and managing high-quality single tenant, multi-tenant and shopping center retail properties located in the United States. In addition to acquiring and developing properties for its stabilized portfolio, the Company also provides capital investment, development, construction and asset management services to its third-party clients. Over the past 20 years Hutton has completed over 1,000 projects across 40 states. For more information, please visit us at www.hutton.build and follow us LinkedIn and Facebook at Hutton or on Twitter and Instagram at @WeKnowDirt.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
