A newly developed, Publix-anchored shopping center in Jacksonville, Florida has changed hands in a recently brokered retail investment sale. TSCG arranged the disposition of The Plaza at Normandy, a fully leased neighborhood center located at the intersection of Normandy Boulevard and Chaffee Road South, for $20.6 million. The asset, which opened in 2024, was sold on behalf of Wagner Property Group to a 1031 exchange buyer.
The Plaza at Normandy comprises 58,691 square feet and was 100% leased at the time of closing, underscoring the center’s stabilization just two years after completion. Publix anchors the property, occupying 46,791 square feet in its newest prototype grocery format. The grocer’s space includes a drive-thru pharmacy, reflecting continued emphasis on convenience-oriented services within grocery-anchored retail.
Directly adjacent to the Publix footprint, a 2,100-square-foot space is leased to a liquor store, further extending the grocer’s draw as the center’s primary anchor. The remainder of the tenant mix features a range of service and restaurant users, including Xtreme Wings, Hair Cucery, Nail Art Studio & Spa, a UPS Store, and AT&T Wireless. This combination of daily needs, food-and-beverage, and service retailers positions the center as a local shopping hub for the surrounding trade area.
While the main shopping center traded as part of the Wagner Property Group sale, several neighboring outparcels were explicitly excluded from the transaction. Separately owned pads ground-leased to McDonald’s and Wawa were not included, indicating that the deal focused solely on the core Publix-anchored strip center rather than the broader corridor assemblage.
TSCG’s investment sales team led the marketing and sale execution, with Anthony Blanco, Mallory Silva, and Spencer Kinsella handling the assignment. On the buy side, the 1031 exchange investor was represented by Laurie Ann Drinkwater of Marcus & Millichap. The parties did not disclose additional transaction terms such as cap rate or financing structure, but the fully leased status, recent construction vintage, and grocery anchor profile are key characteristics of the asset as it trades to new ownership.
