JACKSONVILLE, FL—Oak Hill Village Shopping Center, a 78,492-square-foot, Publix-anchored neighborhood shopping center in Jacksonville, FL, has traded hands. The retail property sold for $7.35 million.

Karl Johnston, senior director, Mark Gilbert, executive vice president, and Adam Feinstein, executive director, of Cushman & Wakefield's Capital Markets Group represented the seller Equity One. Slate Properties, a Canadian investment fund based in Toronto, scooped up the retail property.

"Oak Hill Village is a classic dominant, grocery-anchored neighborhood center which continues to be a preferred investment type for both private and institutional investors," says Johnston. "These centers continue to be in strong demand within the investment community and offer long-term stability to investors."

Located at 7628 103rd Street in Jacksonville, the shopping center was originally developed in 1985 and renovated in 2008. Oak Hill Village is anchored by a 39,795-square-foot Publix, a Planet Fitness, and features a high-quality roster of in-line tenants. The retail property is 100% leased and has seen strong occupancy history over the years within the Westside retail submarket, a densely populated trade area.

Major employment drivers for the submarket include Naval Air Station Jacksonville and the Cecil Commerce Center, which CushWake predicts should continue to provide a growing employment base for the future. Oak Hill Village also has a future development site to the west of the center to accommodate an additional 8,000 square feet of retail space.

"While the offering received significant interest from the investment community, Slate Properties was the ideal purchaser for the center,” says Johnston. "Slate was attracted to the dominant grocer anchor tenant, strong occupancy, dense population density, traffic counts, and future expansion potential."