Keith Goldfaden, Daniel Burkhardt and Jeff Conn of NAI Hallmark Partners announced today that they represented the seller, Penman Plaza Associates, LLLP, in the sale of Penman Plaza. The Property, located on Atlantic Boulevard in Neptune Beach, is 100% occupied by tenants Winn Dixie, Aaron’s and Tire Kingdom. A private investment group acquired the 60,269 square foot shopping center for $6.6 million.
“The Penman Plaza offering was extremely competitive and achieved a very aggressive cap rate in part due to its irreplaceable location in the high barrier to entry Beaches submarket and strong credit tenant profile.” said Keith Goldfaden, Principal of NAI Hallmark Partners. “Our client had the vision to renovate and modernize a dated yet well located center while adding new traffic generating tenants, including Ace Hardware, Bono’s BBQ and VyStar Credit Union which added to the attractiveness of the property.” added Jeff Conn, Principal of NAI Hallmark Partners.