1980 Wells Rd
Orange Park, FL 32073
Wells Plaza - Jacksonville, Florida · Retail Property For Sale

Marcus & Millichap is pleased to present the opportunity to acquire Wells Plaza (the Property ), a 28,000 square foot 3-tenant retail center located in Orange Park, Florida, the largest suburb in the Jacksonville, Florida MSA. Anchored by Planet Fitness, Wells Plaza is 100% leased to a diverse, well-established tenant mix which includes O' Reilly Auto Parts and BookSmart Kids. Significant capital improvements were just completed at the Property including; exterior facade renovations with gooseneck lighting, parking lot seal coat and striping and interior renovations to the Planet Fitness expansion. Planet Fitness just expanded their space by 3,000 square feet and extended their lease through August 2026. Planet Fitness now occupies 60% of the Property' s GLA. The Property is being offered free and clear of debt at a 7.00% cap rate totaling $3,833,000. Wells Plaza is strategically located at the heavily trafficked signalized intersection of Blanding Boulevard and Wells Road. This intersection experiences traffic counts in excess of 90,000 vehicles per day. Blanding Boulevard is the primary north-south thoroughfare in the trade area that connects Orange Park to Downtown Jacksonville. Orange Park, Florida is one of Jacksonville' s most popular suburbs where the population has steadily increased in the past 10 years and is projected to continue to grow another 8 percent in the next five years. The market trade area has a high barrier to entry as the area has been largely built out since the late 80' s and early 90' s, with the only new growth coming through strategic redevelopment. The Property is situated at the southeast quadrant of Wells Road and Blanding Boulevard, less than 1 mile south off the I-295 beltway which circles the entire Jacksonville MSA. Further supplementing the Property's drawing power is its shadow anchor Orange Park Mall. This Retail and entertainment destination is the largest shopping complex on the west side of the St. Johns River.