Phase III of the St Johns Town Center Expected to Open Fall of 2014
Developers Ben Carter Properties and The Simon Property Group have started on the next phase of the St. Johns Town Center, located on the southwest end between Louis Vuitton and Brooks Brothers. The new section will cover over 158,000 square feet of retail space and will feature a Nordstrom set to open October 10th, 2014, along with several other retailers that are yet to be named. Over 600 new parking spaces are also set to be added late October in Big Island Drive, between Ethan Allen and Ovinte, and the east parking lot.
Deutsche Asset & Wealth Management’s real estate investment group, who bought Ben Carter’s 50 percent stake in ownership of the Town Center for more than $375 million, insiders say, no doubt considers the Town Center as a low risk with major earning potential. Selling at such a high price, Ben Carter may have produced a 4% capitalization rate, with a Jacksonville average of 7%. The cap rate is designed to measure the investor’s rate of return on a property. It is calculated by dividing the potential returns by the purchase price.
The Town Center, which attracts 16 million visitors a year according to Simon Property Group, will be expecting to fill spaces quickly, with a Microsoft retail store considered a possibility. “We’ve had our eye on Jacksonville for a long time, so it’s gratifying for us to now have this opportunity to open our doors at St. Johns Town Center,” said Erik Nordstrom, president of stores, in a statement.
The beginning of Phase 3 has several investors wondering about a potential Phase 4 for the Town Center. “There are no plans for Phase 4, nor any stores in that wing at this time. We are announcing our Phase 3 stores in Quarter 4 this year,” Lyndsay Rossman, director of marketing and business development at St. Johns Town Center, said in April.
We are excited for the new additions to our Jacksonville area, visit us around the corner of St. John’s in our Jacksonville office.
For more information visit StJohnsTownCenter