Transwestern’s Atlanta office announced today the successful sale of Asbury Commons, a retail development located in metropolitan Jacksonville’s Green Cove Springs and totaling 55,273 square feet.

Kevin Markwordt and Jon Kleinberg, managing directors in Transwestern’s Atlanta office, represented the seller, a fund advised by Prudential Real Estate Investors. Bluejay Management, LLC purchased Asbury Commons for $6.3 million. 

“This Winn Dixie-anchored property offered the buyer a combination of stability and upside, with the ability to take the 88.3%-occupied center up to full occupancy by leasing up the remaining vacant small-shop spaces,” said Transwestern’s Markwordt. 

Asbury Commons is 74% leased by Winn Dixie, who has a grocery lease at the property through 2024 and a liquor store lease there through 2014.  Built in 2004 as the commercial epicenter for the Lake Asbury master-planned community, Asbury Commons features a contemporary design and quality construction.

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Transwestern is one of the largest privately-held commercial real estate firms in the United States.  A diversified operating company, Transwestern is active in the real estate service, development and investment management businesses.  Transwestern creates value for clients through innovation, penetrating market intelligence and legendary service delivered by teams of local market experts.  The firm has product specialties including office, industrial, retail, multifamily and healthcare, as well as a wholly-owned research affiliate, Delta Associates.  Transwestern leads the industry in sustainability and has received multiple ENERGY STAR® awards from the Environmental Protection Agency (EPA).