Who’s Buying Commercial Real Estate in Jacksonville?

The investment sales team at NAI Hallmark had the privilege of working with clients across multiple sectors in 2024. As we move into 2025, we’d like to share some of the highlights from the last year and discuss the key players we expect to remain active in each major commercial asset class.

Office

While a majority of its sales in 2024 were to user buyers, Jacksonville’s office sector experienced an uptick in investment activity. Notably, our team brokered the sale of Fortune Plaza, a 71,711-square-foot multi-story office property, to a local investor for $6.5 million in October.

We observed a considerable increase in interest for multi-story office listings from investors who largely remained on the sidelines in prior years. This signals a potential bottoming-out of the office market, and we expect some of the dry powder that collected in the past years’ changing interest rate environment to trickle back into the market.

Retail

Retail continued to be a desirable investment opportunity in the Jacksonville MSA in 2024, remaining largely influenced by local investment groups and high-net-worth individuals. The limited availability of newly constructed retail centers has pushed rents higher as the market adjusts to constrained inventory.

NAI Hallmark’s investment sales team facilitated multiple competitive offers for Blanding Town Center, an 83,069-square-foot strip center that ultimately sold for $8.35 million in December 2024. The rapid interest from various investment groups and individuals for this asset was a clear signal of what to expect from retail in 2025.

Additionally, Kimco Realty Corporation’s recent $108 million acquisition of the Markets at Town Center marked one of the largest retail transactions in Jacksonville’s history. This transaction highlights the city’s growing appeal to some of the nation’s most active retail investors, further cementing its status as a key market to watch this year.

Industrial

Institutional investors have been particularly active in Jacksonville’s industrial sector. These buyers are drawn to the city’s thriving logistics and e-commerce markets, bolstered by the rapid influx of people and businesses moving to the First Coast. With Jacksonville serving as a major transportation hub, the demand for warehouses and distribution centers has remained strong.

In 2024, Jacksonville witnessed several significant acquisitions involving out-of-state investors, among them New York-based Stonepeak Partners ($191.24 million), Texas-based Hillwood ($91.73 million), Pennsylvania-based EQT Exeter ($64.10 million), New York-based INDUS Realty Trust ($62.85 million), and California-based Bixby Land Co. ($53.50 million). The entry of major institutional players into the Jacksonville market is a testament to the strength of the industrial sector and the city’s growing reputation as a logistics hub of national importance.

Contact Us

If you would like to learn more, please reach out to db@naihallmark.com