Alakai Capital Sells Jacksonville's Park and King Retail Center for $6.2M to Cuadra Capital

Orlando-based Alakai Capital has sold the Park and King Shopping Center, an 18,562-square-foot retail property in Jacksonville's historic Riverside district, to Charlotte, North Carolina-based Cuadra Capital for $6.2 million. Colliers brokered the sale, the second time its Urban Division team has been engaged to sell the asset.

The property, located at 2665 Park St. in the Park and King district, traded approximately three years after Alakai Capital acquired it for $4.6 million in 2023 — a gain of roughly $1.6 million, or about 35%, before accounting for transaction costs and capital improvements. The deal implies a sale price of approximately $334 per square foot.

A Repositioned Asset Changes Hands

The transaction follows a value-add strategy that included capital improvements and a deliberate reshaping of the tenant lineup. According to Sam Middlekauff, associate vice president at Colliers, the repositioning involved buying out a hookah bar that had occupied a corner space and replacing it with a family-friendly Mexican concept, alongside broader property upgrades.

"The Colliers Urban Division team was originally engaged by the Butts family to sell an asset that had been in their hands for decades. In 2023, the team closed the sale to Alakai Capital for $4.6 million and immediately began executing the repositioning strategy — buying out a hookah bar on the corner, replacing it with a family-friendly Mexican concept and pairing the tenant changes with capital improvements to a property that had gone largely untouched for years," Middlekauff said in a statement.

The current tenant roster includes Keg & Coin, Don Eduardo's, and Riverside Kava Bar. The property carries a near-full occupancy rate, with two spaces remaining available for lease — one at 4,150 square feet and another at 2,000 square feet.

Cuadra Capital Enters Northeast Florida

The acquisition marks Cuadra Capital's first investment in the Northeast Florida real estate market. Colliers' Urban Division has been retained for leasing efforts under Cuadra Capital's ownership. Middlekauff indicated additional announcements are forthcoming, noting that re-signing Keg & Coin to a multi-year lease extension was the first move under new ownership.

"The first move: re-signing Keg & Coin to a multi-year extension, keeping the neighborhood staple in place for the long term," Middlekauff said.

Jacksonville Retail Market Context

The sale comes against a backdrop of relatively tight retail fundamentals in Jacksonville. The market posted a 4.9% vacancy rate in the first quarter of 2026, with rent growth of 2.0% and $187 million in retail sales volume during that period. Average asking rents stood at $26.12 per square foot, with retail cap rates averaging 7.2% across the market.

Nationally, retail remained one of the tighter commercial real estate sectors heading into mid-2026, with vacancy near 5.3% and sale cap rates around 6.59%. Strip center cap rates averaged approximately 6.4% across the U.S. in the second quarter of 2026, underscoring that retail pricing remained selective and submarket-dependent.

Colliers Urban Division's Role

The Park and King transaction represents a full-cycle engagement for Colliers' Urban Division, which handled both the 2023 sale to Alakai Capital and the 2026 disposition to Cuadra Capital. The team's continued retention for leasing under the new ownership extends that relationship into the asset's next phase.

Colliers reported consolidated revenues of $1.57 billion in the second quarter of 2026, up 17% year over year, with Adjusted EBITDA of $205.3 million. For the first half of 2026, the firm posted $2.89 billion in revenue and $330.1 million in Adjusted EBITDA, and reaffirmed a full-year 2026 outlook calling for mid-teens percentage growth across revenue, Adjusted EBITDA, and Adjusted EPS.

Sources

Colliers — Historic Riverside retail parcel at Park and King trades for $6.2M