Millennium Business Center LLC sold its 35,200-square-foot shopping center to a California investor for $7.15 million.
Peak 1031 Exchange Inc., as Qualified Intermediary for Creative Lofts LLC of Calabasas, bought the property July 22 according to the deed recorded July 25 with Duval County Clerk of Courts.
Seacoast National Bank of Stuart issued a $4.485 million mortgage July 22 to Creative Lofts.
The center, at 11744 Beach Blvd., is on 2.13 acres about a half-mile from Interstate 295. It was built in 2000.
Millennium Business Center LLC paid $4.7 million for the property in 2016.
The LLC is based in Ormond Beach. State corporate records show it is managed by Indravadan Shah of Ormond Beach and Tyler Saldutti of Jacksonville.
Jacksonville-based NAI Hallmark Managing Partner Keith Goldfaden and Senior Vice President Daniel Burkhardt represented the seller.
“The strategic location, diverse tenant mix and strong submarket growth trends made this property very attractive to investors,” Burkhardt said in a news release.
“We were able to complete this transaction during a tumultuous time in the capital markets which speaks to the strength of the property and bullish investor sentiment on the Jacksonville market.”
NAI Hallmark said the Millennium Business Center tenants include PPG Architectural Finishes, More Space Place, D-1 Sports, European Leather Gallery and MCCI Medical Group, in addition to a billboard lease.
NAI Hallmark is a full-service commercial real estate company specializing in sales and leasing brokerage, property and facilities management, and corporate services in Northeast Florida.