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Cushman & Wakefield brokers sale of Cobblestone Crossings Shopping Center Cushman & Wakefield brokers sale of Cobblestone Crossings Shopping CenterPOSTED 09/20/08 - Cushman & Wakefield of Florida announced today that it has finalized the sale of Cobblestone Crossings Shopping Center, a 93,272 square foot neighborhood shopping center located at the intersection of Monument Road and McCormick Road in the East Arlington neighborhood of Jacksonville, Florida. The property, previously owned by an affiliate of Woolbright Development, a private real estate investment company based in Boca Raton, Florida, was purchased by an affiliate of Halberstein Investments, a private real estate investor based in Aventura, Florida. Halberstein Investments purchased the property for $13.85 million. The Cushman & Wakefield
"Cobblestone Crossings is one of the premier Publix-anchored shopping centers in the Jacksonville area," said Gilbert, executive vice president with Cushman & Wakefield’s Miami office. "The fact that Publix’ sales at the property are among the chain’s highest in Jacksonville was a key factor in driving investor interest in the deal." Feinstein, executive director with Cushman & Wakefield’s Miami office, believes collaboration is essential in today’s economic environment. "Across the board, deals are getting harder and harder to complete. The ones that are getting done are those in which the seller and buyer work together to resolve the myriad of issues that typically arise in the sale of a retail center. The Cobblestone Crossings deal is a good example of how this process can play out to the benefit of both sides." "Despite economic volatility, there will always be strong investor demand for solid, grocery-anchored neighbor shopping centers. These properties are viewed as ‘recession proof’, because they cater to the everyday needs of consumers. Cobblestone Crossing has been always been a well-performing center, and we expect this trend to continue given its strong anchor tenancy, limited competition, and infill location," said Karl Johnston, senior director with Cushman & Wakefield's Jacksonville office. Originally developed in 1987, Cobblestone Crossing is anchored by a 39,795 square foot Publix supermarket. The Center also features a high-quality tenant roster, including Edward Jones & Co., GNC, Hair Cuttery, Pizza Hut, Starbucks, and Subway. The Property was 100% leased at the time of sale. About Cushman & Wakefield Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com .
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