Marcus & Millichap Brokers $20.7M Sale of Publix-Anchored The Plaza at Normandy in Jacksonville
JACKSONVILLE, Fla. — Marcus & Millichap has brokered the $20.685 million sale of The Plaza at Normandy, a 58,691-square-foot, Publix Super Market-anchored retail center in Jacksonville, Florida, the firm announced July 24, 2026. The buyer was Bruce Percelay, chairman of The Mount Vernon Company, who acquired the property as part of a multi-property 1031 exchange following the divestiture of several assets in the Greater Boston area.
Deal Details: Asset Profile and Transaction Metrics
Built in 2024 on more than 16 acres near the intersection of Normandy Boulevard (Florida State Route 228) and Chaffee Road South, The Plaza at Normandy is accessible from Interstate 10, Interstate 295, and the First Coast Expressway. The center's 58,691 square feet of retail space translates to a sale price of approximately $352 per square foot.
The anchor tenant, Publix Super Market, operates a drive-thru pharmacy at the location. A Publix Liquors occupies an adjacent space. Inline tenants include UPS, AT&T, Hair Cuttery, Xtreme Wings, and Nail Art Studio & Spa. The property's 2024 completion date positions it as a newly built, modern retail center with minimal near-term capital expenditure requirements.
Brokerage and Buyer Representation
Laurie Ann (LA) Drinkwater, CCIM, senior managing director investments with Marcus & Millichap, represented the buyer in association with Ryan Nee, Marcus & Millichap's broker of record in Florida. The seller was not identified in the announcement.
"The property is a rare, newly built, well-located Publix-anchored shopping center in a high-growth submarket of Jacksonville," Drinkwater said in a statement. "Our client recognized the superior blend of credit, age, and growth fundamentals that fit well into their larger multi-property 1031 exchange. This was part of the overall strategy for the client after having divested several properties in the Greater Boston area in order to branch out into Florida and other East Coast markets. They are very excited to be adding two Publix-anchored shopping centers to their portfolio."
1031 Exchange Strategy and Northeast-to-Southeast Capital Rotation
The transaction reflects a portfolio repositioning by The Mount Vernon Company, deploying proceeds from Greater Boston dispositions into Florida and other East Coast markets through a multi-property 1031 exchange. Under a 1031 exchange structure, investors must identify replacement properties within a strict window following a disposition and close within specified deadlines, creating demand for stabilized or near-stabilized assets where underwriting and lender diligence can be completed efficiently.
The Plaza at Normandy represents one of two Publix-anchored shopping centers The Mount Vernon Company is adding to its portfolio through this exchange. The strategy reflects a broader pattern of capital moving from mature, higher-cost Northeast markets into Southeast growth corridors, where population growth, employment expansion, and development activity have drawn sustained investor interest.
The West Jacksonville and Normandy corridor where the property is located benefits from proximity to Cecil Commerce Center, a major employment, aviation, and logistics hub in Jacksonville's western corridor, as well as adjacent residential communities including Chimney Lakes, Normandy Village, and Normandy Estates.
Grocery-Anchored Retail as a Necessity-Based Investment
The transaction reflects continued investor appetite for grocery-anchored, necessity-based retail assets. Drinkwater's reference to "credit, age, and growth fundamentals" aligns with the characteristics that have made grocer-anchored centers a sought-after retail property type: durable anchor tenancy, daily-needs traffic drivers, and resilience relative to discretionary retail categories.
Publix operates as a dominant regional grocer across Florida and the Southeast, and its presence as an anchor typically supports lender confidence and reduces perceived credit risk for investors. The 2024 construction date reduces near-term capital expenditure exposure and reflects a modern retail prototype — including the drive-thru pharmacy and grocery-plus-liquor adjacency — suited to current consumer and tenant preferences.
The property's inline tenant mix of services, telecommunications, food, and personal care businesses reinforces its positioning as a daily-needs destination serving the surrounding residential and employment base.
About Marcus & Millichap
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices. The firm closed 8,818 transactions in 2025, with a total sales volume of approximately $50.9 billion.