Four months after completing its first build-to-suit project for a national retailer, Corner Lot has sold the O’Reilly building located in Phase II of the organization’s Parkway Place development.
Purchased for $2.8 million on Nov. 30 by Park Plaza LLC, the building is located at 1335 St. Johns Parkway in St. Johns. The purchase price was a 5% cap rate. Construction began in October 2021 on the 7,225-square-foot project and was completed in July 2022.
O’Reilly currently holds a 15-year lease on the building.
“O’Reilly rocks, and we were excited to partner with them on this project,” said Andy Allen, Corner Lot CEO. “With all of the growth occurring in St. Johns County, and the Durbin Park area in particular, it’s the right store front, in the right location, at exactly the right time.”
Will Wamble and Patrick Nutt with SRS Real Estate Partners served as brokers on the deal, and Corner Lot partner Scherer Construction built the building.
Corner Lot sold Phase I of Parkway Place earlier this year and Phase III is scheduled to open in the first quarter of 2023. Future tenants include Tsaocaa Tea, Kid Strong, and Oola Mala Noodles and Japanese Restaurant.
Corner Lot is an independent, privately-owned real estate development firm in North Florida with business lines that include residential, commercial, multi-family, urban and hospitality development, as well as single family home construction. Corner Lot’s mission is to foster quality, sustainable development for future businesses and residents, expand the markets of Central and North Florida with vision and leadership, and foster a foundation of long-term partnerships in investment, development, management and financing.
Corner Lot is located at 1819 Goodwin St., Jacksonville. The phone number is 904-551-2540.