**Retail REIT NETSTREIT Acquires Two Jacksonville Grocery Store Properties for $17M**
Robert Rowe, founder of Rowe’s IGA Supermarkets, has sold two supermarket-anchored properties in Jacksonville, Florida, to NETSTREIT for a combined total of $17 million. NETSTREIT is a publicly traded real estate investment trust (REIT) that focuses on acquiring and managing single-tenant, net-leased retail properties across the United States.
The larger of the two sites is a 147,232-square-foot retail complex located at 5435 Blanding Road, which was sold for $9.7 million. Rowe originally acquired this property in 2005 from Albertsons for $1.16 million, following the national grocer’s exit from the Jacksonville market.
The second location, at 9866 Baymeadows Road, was sold for $7.3 million. Rowe had purchased this property in 1986 for $1.35 million.
Both properties continue to operate as Rowe’s IGA Supermarkets. While Robert Rowe no longer owns the operating business—having sold it in 2022 to Massy Holdings Ltd. for $47 million—he remains involved with the company. Massy Holdings, at the time of acquisition, announced plans to retain current management and operations while exploring further expansion opportunities.
With these acquisitions, NETSTREIT now owns 25 retail properties across Florida, strengthening its presence in the Sunbelt region.
