A nearly century-old shopping center in the heart of Historic San Marco has a new owner. TSG Realty purchased the property at 1538 Hendricks Avenue for $1.165 million, adding a piece of Jacksonville's Art Deco history to its portfolio.
The sale involved a building constructed in 1926 in Historic San Marco, according to The Business Journals, which reported the sale and identified Sofi's Italian and Bakery of Light as occupants of units inside the building. The outlet's report also describes the property as fully leased at the time of sale.
Cesery Companies renovated the 5,885-square-foot Art Deco building in 2002, according to a Cesery Companies property listing, and the Business Journal reported that a Cesery entity bought the property that year before later selling it to TSG Realty. The same listing describes the building as sitting on the main thoroughfare of Historic San Marco, near the Regional Library and Panera Bread, with eight on-site parking spaces plus ample nearby overflow parking.
Conflicting Signs on Occupancy
While the seed report on the sale characterizes the building as fully leased, the Cesery Companies listing tells a different story. That same listing advertises two currently available spaces: a 2,734-square-foot glass conference room with an open concept renting for $18 per square foot, and a 3,380-square-foot open-design space with two bathrooms and a back office renting for $13.50 per square foot plus CAM charges. The listing also identifies Hightide Burrito Restaurant as a tenant of the Art Deco building, a detail not mentioned in the sale report. Given those discrepancies, the property's current leasing status is not fully resolved.
A Tightening Retail Market
The sale lands amid a Jacksonville retail landscape that's been shifting fast. Vacancy across the city's retail market rose to 4.8% in the fourth quarter of 2025, a trend that Colliers attributes to a combination of new supply and negative net absorption. The market delivered 62,429 square feet of new retail space that quarter even as average rental rates adjusted to $25.65 per square foot, with rates specifically climbing to $20.42 per square foot on a triple-net basis. Colliers also reported that 12-month retail sales volume remained consistent through the same period.
Those citywide numbers offer some context for the Hendricks Avenue deal, though the sale itself involves a much smaller, single-building transaction rather than a broader portfolio move.
For now, the future of the tenants inside 1538 Hendricks Avenue under its new ownership remains an open question. Neither the terms of TSG Realty's purchase nor its plans for the historic storefronts have been detailed beyond the reported sale price.
