JLL Capital Markets has been exclusively engaged to market for sale Redfern Village in St. Simon’s Island, Georgia
News release
07 August 2023
Iconic retail asset on St. Simon’s Island in Georgia hits the market
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ATLANTA, Aug. 7, 2023 – JLL Capital Markets announced today that it has been exclusively engaged to market for sale Redfern Village, a 49,891-square-foot generational neighborhood retail asset located in the heart of St. Simon’s Island. The property has never been marketed for sale or professionally operated since construction nearly 50 years ago.
Redfern Village is one of the best value-add centers to be marketed for sale in the southeast in decades with 70% of the rent roll schedule to expire over the next 36 months and with gross in-place rents that are 30% to 50% below market. The combination of the immediate value-add opportunities, extremely high barriers to entry and irreplaceable location provides future ownership with the potential to reposition Redfern Village into one of the most iconic coastal shopping destinations throughout the Southeast.
Situated at 296 Redfern Village in St. Simon’s Island, the center is located in the heart Golden Isles, one of the top tourist destinations in the United States with over 3.15 million annual visitors and over $1.7 billion in annual total tourism spending. The center benefits from a highly affluent customer base with an average household income of over $123,924 within a five-mile radius. The property sits proximate to Sea Island Resort, home to two of the top ranked hotels in the world, The Cloister and The Lodge, and three of the top golf courses in the United States at Sea Island Golf Club.
The JLL Retail Capital Markets Investment Sales Advisory team is led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Senior Director Jamie Smithson and Associate Andrew Michols.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.