JACKSONVILLE, FL-Orlando investors Chanh and Ngan Nguyen have entered the local retail investment market with the $1.2-million purchase of the 48-year-old, 18,000-sf, 100%-leased Normandy Strip Center at 5500 Normandy Boulevard on the city's west side.
The Nguyens paid seller Juanice Mangum about $66.66 per sf, a price below today's replacement cost for a comparable property, Marcus & Millichap broker Brett J. Chetek tells GlobeSt.com. Chetek represented the buyer and seller in the transaction. Mangum has owned the property since 1998. She holds a mortgage on the center which was built in 1957 and renovated in 1985.
Chetek says the property was on the market 30 days and took another 45 days to complete, from contract signing to closing. "That's generally considered a pretty fast track," Chetek tells GlobeSt.com. The average asking gross rent at the center is $8.25 per sf. Seven tenants occupy the property.
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