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Jensen Beach shopping center anchored by Hobby Lobby sells for $19M
The 169,223-square-foot property, which sold for $112 per square foot, has tenants that compete well with online-shopping options
A Jensen Beach shopping center anchored by a Hobby Lobby store sold for $19 million, a price that reflects the property’s competitive resistance to online shopping.
The 169,223-square-foot property, called Marketplace Square, had an 89 percent occupancy rate when the sale closed at a price of $112 per square foot.
In addition to Hobby Lobby, the tenants include Buddy’s Home Furnishings, Buffalo Wild Wings, Dollar Tree, Once Upon a Child, Rush Trampoline Park, and two out-parcel restaurants, KFC and Sonic.
Marketplace Square has “a diverse, Internet-resistant tenancy,” Patrick Berman of brokerage firm Cushman & Wakefield said in a prepared statement.
Berman represented the seller of the shopping center, Leon Capital Group, together with another Cushman managing director, Jason Donald, and associate Todd Tolbert.
Marketplace Square is at 3181 Northwest Federal Highway in Jensen Beach, near several leading retailers including Publix and Target and Treasure Coast Square Mall, which has more than a million square feet of retail space. – Mike Seemuth