Proper CRE Fully Leases CR 210 Parcels to National Tenants

A roughly four-acre bet on County Road 210’s growth has landed four retail tenants, with Taco Bell⁠ and Dutch Bros Coffee⁠ set to join two businesses already open along the busy St. Johns County corridor.

Proper Capital & Real Estate Managing Partner Jonathan Heldenbrand said he and business partner Reekee Patel bought the land for $2.92 million in 2023, anticipating that surrounding residential and commercial development would fuel demand for retail.

Now, all four commercial sites are leased. The properties sit just east of Interstate 95, near the entrance to Ascension St. Vincent’s St. Johns.

“We saw what was coming and we didn’t know what it was going to be, but we knew it was going to be a well-trafficked road — which suits retail,” Heldenbrand told the Business Journal.

Smalls Sliders is open at 1565 C.R. 210, as is Shores Fine Wine & Spirits at 1535 C.R. 210. Taco Bell and Dutch Bros will occupy sites between those businesses.

Heldenbrand said Taco Bell’s construction is slated for completion in December. Dutch Bros is expected to begin construction soon, with completion targeted for summer 2027.

The firm pursued standalone buildings because of demand from retailers seeking their own spaces, its relationships with national brands and other factors, Heldenbrand said. The Shores Fine Wine & Spirits property sold for $1.86 million in December 2024.

“The costs are still pretty large, but the demand seems to be more consistent for the standalone users,” he said. “They are seeing the Florida story and trying to grow, and that to us was an easier path.”

Still, demand from smaller businesses gave him reason to reconsider the approach. At one point during development, Heldenbrand said, he wished they had built a strip center to accommodate tenants that did not need an entire building.

The experience has reinforced the partners’ interest in northern St. Johns County, which Heldenbrand said has been a strong market for the past decade. The team is actively seeking additional opportunities there, as well as in Duval and Nassau counties.

“210 has become quite the powerhouse,” he said. “When we bought this land, we didn’t really quite have the biggest plan for it. But over the years, we’ve just realized good things happen to good real estate.”

Article courtesy of Leah Foreman, Reporter for Jacksonville Business Journal. Original article found here.