Dallas-based Netstreit Corp., a real estate investment trust specializing in single-tenant net lease retail properties, has acquired two buildings housing Rowe’s IGA Supermarkets for a combined $17 million. The transaction, which closed on January 8th, indicates that Rowe’s IGA Supermarkets will continue to operate from these locations under lease agreements.
Key Takeaways
- Netstreit Corp. purchased two former Rowe’s IGA Supermarket locations for $17 million.
- The seller was Rob Rowe, founder of Rowe’s IGA Supermarkets.
- Rowe’s IGA Supermarkets, sold in 2022, will continue to lease the properties.
Property Details
The two acquired properties are:
- Baymeadows Road Location: The 57,430-square-foot store, built in 1986 on nearly 5.73 acres, was sold for $7.3 million. This property was previously a Winn-Dixie before becoming a Rowe’s IGA.
- Blanding Boulevard Location: The 63,950-square-foot store, constructed in 1978 on 3.39 acres, was sold for $9.7 million. This location was formerly an Albertsons.
Background on Rowe’s IGA
Rob Rowe, the founder of Rowe’s IGA Supermarkets, established the company in 2005. He sold the business, which operated seven Jacksonville stores, to Massy Holdings Ltd. in December 2022 for $47 million. Rowe, a former executive with Albertsons and Winn-Dixie, initially stayed on to run the company after the sale but has since departed.
Massy Holdings Ltd., a company based in Trinidad and Tobago, acquired Rowe’s IGA as part of its strategy to expand its retail presence in the U.S. market. Rowe’s IGA continues to operate under its established banner at its various locations throughout Jacksonville and Orange Park.
Netstreit’s Investment Portfolio
As of September 30, 2025, Netstreit Corp. reported a significant portfolio with 721 investments across 45 states, encompassing 13.18 million square feet of space. The company’s investments are diversified across 114 tenants in 28 industries, maintaining a high occupancy rate of 99.9%.
Sources
- Two Rowe’s IGA Supermarkets buildings sold to real estate investment trust, Jacksonville Daily Record.