Stiles Corporation, Cantrell & Morgan Sell 2022-Built Retail Center in St. Augustine for $24M

Joint venture partners Stiles Corporation and Cantrell & Morgan have sold the Parkway Village at St. Johns, a newly constructed, 52,070-square-foot, Publix-anchored retail center located in St. Augustine, FL, for $24.1 million. The deal includes two outparcels leased to Heartland Dental and Starbucks.

Danny Finkle, Alex Sharrin, Eric Williams, Jorge Portela, Jeff Cicurel and Kim Flores of JLL represented Stiles Corporation, a Ft. Lauderdale-based real estate development firm and Cantrell & Morgan, a Jacksonville-based commercial real estate firm. A private buyer acquired the asset.

The fully leased center was developed in 2022. It is part of the World Commerce Center, which will be home to 2.1 million square feet of office, 1.2 million square feet of industrial, 950 hotel rooms and 1,200 residential units.

Representing 68% of the GLA, the 35,413-square foot Publix at Parkway Village at St. Johns features the new “Publix Unique” concept, which includes a beer and wine tasting center, an enhanced deli section and a second-floor terrace with outdoor seating. The WALT of the property is over 13.5 years