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Retail REIT Picks Up Two Jax Grocery Stores
Robert Rowe, the founder ot Rowe’s IGA Supermarkets, sold two supermarket-anchored parcels to NETSTREIT, a publicly traded company specializing in single-tenant, net-lease assets for $17 million.
The Jacksonville Business Journal reports the larger of the two transactions involved the 147,232-square-foot retail site at 5435 Blanding Road, which sold for $9.7 million. Rowe acquired the property in 2005 from Albertsons for $1.16 million after the national grocer left the Jacksonville market.
A second store at 9866 Baymeadows Road sold for $7.3 million. Rowe purchased that property in 1986 for $1.35 million.
Both locations are currently operated as Rowe’s IGA Supermarkets. Rowe no longer owns the operating company but remains on board. He sold Rowe’s IGA Supermarkets in 2022 to Massy Holdings Ltd. for $47 million. At the time, Massy indicated that it would maintain existing management and operations while exploring future growth opportunities.
NETSTREIT reports holding 25 properties in Florida as part of its national retail portfolio.
- ◦Sale/Acquisition
