MediterraneanGrocery Wholesalers in Jacksonville, FL

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The Largest Selection of Wholesale Mediterranean and Middle Eastern Products in Jacksonville

When it comes to trying new, exciting cuisine, few foods hit the spot like a deliciously fresh Mediterranean meal. However, we know that it can be very difficult to find authentic Mediterranean grocery wholesalers in Jacksonville, FL. Having lived in metro Atlanta for years, we realized that our customers needed an easy way to find quality wholesale Middle Eastern and Mediterranean food in bulk. That is why we created Nazareth Grocery Mediterranean Market – to give everyone a chance to enjoy tasty, healthy food, desserts, and authentic Mediterranean gifts at wholesale prices.

Founded in 2009, Nazareth Grocery has become one of Jacksonville’s leading international wholesale grocery stores. We are very proud to serve our customers and do everything in our power to give them the largest selection of high-quality wholesale goods available.

If you’re looking for the freshest, most delicious Middle Eastern wholesale products and ingredients, you will find them here at the best prices in the state. We encourage you to swing by our store in Marietta to see our selection for yourself. We think that you will be impressed!

The Nazareth Difference

At Nazareth Grocery Mediterranean Market, our mission is simple: bring you and your family the largest selection of wholesale Mediterranean products in Jacksonville. When coupled with our helpful, friendly staff and authentic Middle Eastern atmosphere, it’s easy to see why we are the top Middle Eastern grocery wholesaler in Jacksonville, FL. We’re proud to carry just about every kind of Mediterranean and Middle Eastern product that you can think of, from prepared meals and hookahs to fine seasonings and sweets. We’re here for our customers and want each one of them to have a unique, one-of-a-kind experience when they shop with us.

Our loyal customers love our selection of the following wholesale foods and gifts:

  • Fresh Breads
  • OlivesOlives
  • HummusHummus
  • CheesesCheeses
  • SaucesSauces
  • Savory-FoodsSavory Foods
  • DessertsDesserts
  • DrinksDrinks
  • HookahsHookahs
  • TobaccoTobacco
  • SaucesGifts
  • Much More!Much More!

Our Service Areas

Most Popular Wholesale Mediterranean Foods

There is so much more to Mediterranean food than pizza and pasta. The perfect climate combined with delicious foods and amazing wine makes the Mediterranean incredibly irresistible. That’s why our customers absolutely love to buy this kind of cuisine in bulk. Every country in this region has its own set of specialties and delicacies, each with its own flavors and styles of preparation.

Mediterranean countries include:

  • France
  • Greece
  • Italy
  • Turkey
  • Syria
  • Egypt
  • Israel
  • Libya
  • Morocco
  • Tunisia
  • Spain

So, when it comes to the most popular wholesale Mediterranean products in Jacksonville,
what are we talking about?

Feta Cheese

Feta Cheese

Feta cheese is a classic Mediterranean dairy product that is often enjoyed on its own, in Greek salads, on bread, or mixed with zucchini. Depending on where the feta is sourced and produced, the cheese can be made from cow, sheep, or goat milk, or even a combination of the three. Regardless of the animal it comes from, this delicious cheese is a crowd favorite.

Baba Ganoush

Baba Ganoush

This Levantine dish is one of the most well-known Mediterranean dishes to eat in the United States. It typically comes in the form of a dip, served with pita or another kind of dipping bread. Commonly served before dinner as an appetizer of sorts, it usually features tahini, eggplant, garlic, spices, and sometimes yogurt. This tasty cuisine works great as a spread on a sandwich, or you can even eat it with a spoon, all on its own.

Baklava

Baklava

If you have never tried authentic baklava before, get ready to have your mind blown. This dessert is a traditional Mediterranean food that will have your taste buds craving more and more. Once you open a box of baklava from our Mediterranean grocery wholesaler in Jacksonville, FL, you won’t want to stop eating! Baklava is made with layers of thin filo dough, which is layered together, filled with chopped nuts (think pistachios), and sealed with honey or syrup. Baklava is so good that its origins are debated, leaving many wondering which country invented the dessert. Everyone from the Turks to the Greeks and even Middle Easterners hold unique takes on baklava. Try each one to discover your favorite!

Most Popular Wholesale Middle Eastern Foods

Fresh, healthy, aromatic, rich: it’s no wonder that the popularity of Middle Eastern cuisine and products has skyrocketed in the United States. This genre of cuisine features a large variety of foods, from Halvah to Labneh. If there were one common theme throughout all Middle Eastern food, it would be the bright, vibrant herbs and spices that are used. These flavorings help create rich, complex flavors that foodies fawn over. Typically, Middle Eastern food is piled high for all to eat, with enough food for an entire republic to put down.

Tabbouleh

This refreshing, healthy dish is chock-full of greens, herbs, tomatoes, and bulgur (or cracked wheat), creating a memorable, bold flavor. This dish may be eaten on its own or paired with a shawarma sandwich or helping of falafel. It’s best to buy your ingredients in bulk to make this dish because it tastes best freshly made with family around to enjoy. Just be sure to bring a toothpick to the tabbouleh party – you’re almost certain to have some leafy greens stuck in your teeth after eating.

Shawarma

Shawarma

We mentioned shawarma above, and for good reason – this dish is enjoyed by men and women around the world, and of course, right here in the U.S. Except for falafel, this might be the most popular Middle Eastern food item in history. Shawarma is kind of like a Greek gyro, with slow-roasted meat stuffed in laffa with veggies and sauce. The blend of spices and the smoky meat mix together to create a tangy, meaty flavor that you will want to keep eating for hours. For western-style shawarma, try using beef or chicken. For a more traditional meal, try using lamb from our Middle Eastern grocery distributor in Jacksonville, FL.

Hummus

Hummus

Traditionally used as a dip meant for fresh pita, hummus is a combo of chickpeas, garlic, and tahini, blended together until silky, smooth, and creamy. You can find hummus in just about any appetizer section of a Middle Eastern restaurant menu. That’s because it’s considered a staple of Middle Eastern food that can be enjoyed by itself, as a spread, or with fresh-baked pita bread. Hummus is also very healthy, making it a no-brainer purchase from our grocery store.

Benefits of Eating a Mediterranean Diet

If there’s one diet that is most well-known for its health benefits, it has got to be the Mediterranean diet. In 2019, U.S. News & World Report listed the Mediterranean diet as No. 1 on its best over diet list. This incredible diet has been cited to help with weight loss, brain health, heart health, diabetes prevention, and cancer prevention.

Whether you already love Mediterranean food or you’re looking to make some positive changes in your life, this “diet” is for you. Eating cuisine like Greek food, Persian food, Turkish food, and Italian food is healthy and tastes great. Even better than that? At Nazareth Wholesale Grocery, we have many staples of the Mediterranean diet for sale in bulk so that you can stock up on your favorites at the best prices around.

So, what exactly is the Mediterranean diet?

It is a way of eating that incorporates traditional Greek, Italian, and other Mediterranean cultures’ foods. These foods are often plant-based and make up the foundation of the diet, along with olive oil. Fish, seafood, dairy, and poultry are also included in moderation. Red meat and sweets are only eaten in moderation, not in abundance. Mediterranean food includes many forms of nuts, fruits, vegetables, fish, seeds, and more. Of course, you can find at them all at our wholesale Mediterranean grocery store!

Here are just a few of the many benefits of eating a healthy Mediterranean diet:

Reduced Risk of Heart Disease

Reduced Risk
of Heart Disease

Many studies have been conducted on this diet, many of which report that Mediterranean food is excellent for your heart. Some of the most promising evidence comes from a randomized clinical trial published in 2013. For about five years, researchers followed 7,000 men and women around the country of Spain. These people had type 2 diabetes or were at a high risk for cardiovascular disease. Participants in the study who ate an unrestricted Mediterranean diet with nuts and extra-virgin olive oil were shown to have a 30% lower risk of heart events.

Reduced Risk of Stroke for Women

Reduced Risk
of Stroke for Women

In addition to the heart-healthy benefits of a Mediterranean diet, studies have shown that eating healthy Mediterranean and Middle Eastern foods can reduce the chances of stroke in women. The study was conducted in the U.K., which included women between the ages of 40 and 77. Women who stuck to the Mediterranean diet showed a lower risk of having a stroke – especially women who were at high risk of having one.

Benefits of Eating a Mediterranean Diet

First and foremost, purchase your Mediterranean and Middle Eastern wholesale foods from Nazareth Grocery – we’re always updating our inventory! Getting started on this healthy, delicious diet is easy.

Try these tips:

Try these tips

1.

Instead of unhealthy sweets like candy and ice cream, try eating fresh fruit instead. It’s refreshing, tasty, and often packed with great vitamins and nutrients.

2.

Try eating fish twice a week, in lieu of red meat. Fish is much healthier and doesn’t have the unfortunate side effects of red meat, like inflammation.

3.

Try planning out your meals using beans, whole grains, and veggies. Don’t start with meats and sweets.

4.

They’re tasty, but try to avoid processed foods completely.

5.

Instead of using butter to flavor your food, use extra virgin olive oil instead. Olive oil contains healthy fats and tastes great too.

6.

Try to get more exercise and get out of the house. The Mediterranean lifestyle is an active one, best enjoyed in the beautiful sunshine when possible.

Why Buy Mediterranean and Middle Eastern Products Wholesale?

Buying wholesale and retail are quite different. When you buy products from a wholesaler, you’re essentially buying from the middleman between a retail establishment and the manufacturer. Wholesale purchases are almost always made in bulk. Because of that, buyers pay a discounted price. That’s great for normal buyers and great for business owners, who can sell those products to profit. This higher price is called the retail price, and it is what traditional customers pay when they enter a retail store.

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Latest News in Jacksonville

I-TEAM: 90,000 gallons of raw sewage overflows into Pottsburg Creek

JEA: Contractors were doing renovations to site when pump malfunctionedJACKSONVILLE, Fla. – State regulators and inspectors at Jacksonville’s utility company are investigating a stinky situation that could be an environmental hazard to local waterways.Approximately 90,000 gallons of raw sewage overflowed into Pottsburg Creek in Jacksonville’s Grove Park Neighborhood, according to a report JEA filed with Florida’s Department of Environmental Protection.Pottsburg Creek is a waterw...

JEA: Contractors were doing renovations to site when pump malfunctioned

JACKSONVILLE, Fla. – State regulators and inspectors at Jacksonville’s utility company are investigating a stinky situation that could be an environmental hazard to local waterways.

Approximately 90,000 gallons of raw sewage overflowed into Pottsburg Creek in Jacksonville’s Grove Park Neighborhood, according to a report JEA filed with Florida’s Department of Environmental Protection.

Pottsburg Creek is a waterway that runs directly into the St. Johns River.

Video from the Sky4 Drone appears to show some of the leakage into the creek, which is a popular boating and fishing destination.

JEA said a pump at a regional wastewater site failed Sunday afternoon as contractors were working on them. The overflow incident, according to the report, lasted from 1 p.m. to 5:30 p.m.

The Holiday Road lift station is where wastewater, including sewage from toilets, goes before hitting one of JEA’s treatment centers.

The I-TEAM went to the area after obtaining the report from DEP. The neighborhood near the leak had a stench of feces. A yard sign next to the road notified neighbors of a sewage overflow, urging them to avoid fishing, swimming in or drinking the water.

News4JAX flew the Sky4 drone over the area and noticed brown, cloudy water. Neighbors, who didn’t know what had happened, said it’s not a pleasant sight or scent.

“It’s a surprise,” said resident Mike Best, who lives nearby. “Definitely don’t want sewage in our waterways.”

JEA managers told the I-TEAM contractors were doing renovations on this sewage station, putting in new pipes and valves as well as odor control and an emergency generator. They were still investigating what happened to cause the overflow. They said several contractors were involved and they weren’t sure who, if any, was at fault.

News4JAX has requested the names of the contracting companies from JEA.

“The failure occurred with the bypass system - which helps the lift station with operations - during a construction project designed to improve the system,” JEA’s media relations manager Karen McCallister said. “The impacted ground area was remediated, and hydrated lime was applied to the affected soil to kill bacteria and reduce odors.”

She said as the investigation and remediation continued, the site was back up and running as normal.

“JEA began taking samples of the impacted water area today (Jan. 17),” she wrote. “First results are expected late morning on Jan. 18. JEA notified state regulatory agencies on Jan. 16 and placed sanitary sewer overflow signs in the vicinity of the release advising residents against swimming, fishing or drinking from nearby bodies of water.”

“There needs to be more oversight,” Best said.

He is upset about the situation, especially because in the summer of 2021, he helped the I-TEAM uncover contractors pumping dirty water into the creek just blocks away. They were using a piece of private property along the waterway to swap dirt for a construction site when Best used his drone to discover milky water being pumped into the creek.

DEP investigators found the work was unpermitted and potentially hazardous.

“This is even worse I think,” Best said. “This is raw sewage. Whereas over there it was just dirty water.”

Jacksonville City Council member Kevin Carrico, who represents the area, told the I-TEAM he would work to find out what happened.

“I am upset to hear about yet another impact on Pottsburg Creek yesterday. I’m working with JEA officials to figure out what happened and what’s going to be done about it. Pottsburg is a hidden gem here on the Southside and I’ll do everything I can to preserve and protect it,” Carrico said in a statement to News4JAX.

In 2016, News4JAX reported that 1.1 million gallons of sewage overflowed into Pottsburg Creek during and after Hurricane Matthew came through the area.

Copyright 2022 by WJXT News4Jax - All rights reserved.

New Regeneron treatment site opens on Jacksonville’s Southside

JACKSONVILLE, Fla. – Patients interested in receiving monoclonal antibodies were ready and waiting Tuesday morning outside a new treatment center on Jacksonville’s Southside before the doors even opened at 9 a.m.The site at the Southside Senior Center on Beach Boulevard was one of five additional monoclonal antibody treatment sites the Florida Departme...

JACKSONVILLE, Fla. – Patients interested in receiving monoclonal antibodies were ready and waiting Tuesday morning outside a new treatment center on Jacksonville’s Southside before the doors even opened at 9 a.m.

The site at the Southside Senior Center on Beach Boulevard was one of five additional monoclonal antibody treatment sites the Florida Department of Health opened on Tuesday around the state.

It’s the second state-supported site in the Jacksonville area to offer the Regeneron treatment.

In Jacksonville, free Regeneron treatment is also available at the Joseph Lee Center at 5120 Perry St. That site ,which is also open 9 a.m. to 5 p.m. seven days a week, was state-supported and is now being overseen by a vendor. Appointments can be made at: www.patientportalfl.com. For more information, call CDR Health: 850-344-9637. Or call the Duval County Health Department: 904-253-1000.

The new Regeneron site in Jacksonville offers a more convenient option for people on the Southside, Arlington and the Beaches.

If you can’t make it to either site, the department of health has a treatment locator on its website. Each site is labeled with which type of treatment it offers.

The new site isn’t listed yet, but it will be open from 9 a.m. to 5 p.m. seven days a week. The treatments are by appointment ONLY and require a positive COVID-19 test. News4JAX is working to learn how patients can make an appointment since the Florida DOH website has not yet been updated.

Dr. Jonathan Kantor with the Penn Center for Global Health said the omicron variant may be more resistant to Regeneron.

“You know, unfortunately, with the rise of omicron, there were early reports when it was first coming out from the laboratories, you know, basically suggesting that omicron -- that all those mutations had made it more resistant to the monoclonal antibodies,” Kantor said.

Kantor said sotrovimab is the only antibody treatment that works in preventing serious infection with the omicron variant, the variant that makes up more than 95% of the COVID infections in the US.

“It’s just that luck of the draw,” Kantor said. “It came out to be the one that retained efficacy against it, while the others, you know, because of all those different mutations in omicron weren’t quite as effective.”

The U.S. ordered 600,000 doses of sotrovimab last week. It’s unclear when states will be getting those doses.

Companies like Regeneron and Eli Lilly say they can quickly develop new omicron-targeting antibodies, but those aren’t expected to launch for at least several months.

Copyright 2022 by WJXT News4Jax - All rights reserved.

Jacksonville man helps neighbors to safety during fire at Southside apartment complex

A neighbor told First Coast News he saw the flames and pulled the fire alarm before knocking on doors to help make sure neighbors were safe.JACKSONVILLE, Fla. — No one was hurt in a fire at a Southside apartment complex early Tuesday morning, according to the Jacksonville Fire Rescue Department.JFRD crews were called to the Lake at St. Augustine apartments in the 11000 block of Old St. Augustine Road around 5 a.m. When crews arrived, the fire was showing from the third story of a building in the back of the large apartmen...

A neighbor told First Coast News he saw the flames and pulled the fire alarm before knocking on doors to help make sure neighbors were safe.

JACKSONVILLE, Fla. — No one was hurt in a fire at a Southside apartment complex early Tuesday morning, according to the Jacksonville Fire Rescue Department.

JFRD crews were called to the Lake at St. Augustine apartments in the 11000 block of Old St. Augustine Road around 5 a.m. When crews arrived, the fire was showing from the third story of a building in the back of the large apartment complex.

A neighbor told First Coast News he saw the flames and pulled the fire alarm before knocking on doors to help make sure neighbors were safe.

"(A neighbor) was telling me that the apartment was on fire," tenant Neil Christensen said. "I walked over there and there were flames bursting out. So I knocked on doors and set off the fire alarm. It was pretty big at first."

Crews found heavy fire in the building's attic space, according to JFRD Capt. Eric Prosswimmer. The fire went through the roof of the building, he said.

Story continues below.

Neil Christensen ran into the building on fire and started waking people up at St. Augustine at the Lake Apartments before firefighters got there.@THEJFRD says fire impacted 6-7 units, found the fire in the attic. State fire marshal investigating cause @FCN2go pic.twitter.com/cHCa5oZWcu

— Renata Di Gregorio (@RenataFCNews) January 18, 2022

No residents were in the apartments at the time of the fire, and no one was hurt, JFRD said. Around six or seven apartment units were impacted by fire, smoke and water damage, Prosswimmer said.

JFRD's biggest concern is a chimney that was impacted by the fire. Crews are searching for places the fire could rekindle.

The Red Cross was requested to help the tenants affected. The State Fire Marshal was also requested to investigate the cause of the fire.

Crews are responding to the 11000 block of old Saint Augustine Road to an apartment structure fire…E51 is on scene advising Fire showing

— THEJFRD (@THEJFRD) January 18, 2022

Jacksonville tenants left feeling powerless as rental costs skyrocket

Lawmaker proposing plan to help control Florida’s rising rental costsJACKSONVILLE, Fla. – If you’ve recently received notice that your rent is increasing dramatically, you are not alone.The News4JAX I-TEAM has been getting dozens of emails and calls from tenants who say they are being asked to pay hundreds of dollars more a month.Right now, Florida renters don’t have any real options to address the amount of a rent increase because there are no limitations. Rent increases are de...

Lawmaker proposing plan to help control Florida’s rising rental costs

JACKSONVILLE, Fla. – If you’ve recently received notice that your rent is increasing dramatically, you are not alone.

The News4JAX I-TEAM has been getting dozens of emails and calls from tenants who say they are being asked to pay hundreds of dollars more a month.

Right now, Florida renters don’t have any real options to address the amount of a rent increase because there are no limitations. Rent increases are decided solely at a landlord’s discretion.

News4JAX employee Sasha Saliba’s sticker shock came in the form of a letter from management at her Southside apartment complex, which is raising her rent by $398 dollars a month — a 27 percent increase — in order to renew her lease.

“When they first gave this to us the first thing I think I asked was is this even legal? I didn’t know they could just ask for whatever they wanted,” Saliba said. “To ask for that much more and have to decide within two weeks if we are going to go or stay, we were just shocked at the whole situation.”

Tenants all across the state of Florida are also learning that they don’t have any other recourse other than to pay the increase in rent or find another place to live.

Hundreds of News4JAX viewers weighed in on News4JAX.com and on social media after we asked if they were also experiencing rent increases.

“Rent went up 30% from $1050 to $1400 from one year to the next. Nothing significant done to apartment last year to warrant such a steep raise,” said Justin Blocki, who lives on the Southside.

“Initially they wanted 25% more. I negotiated it to 15% and signed a ten month lease. Lease is up in June and they’ll want even more. I’m a disabled veteran on disability trying to work part time and I have my elderly mother on a fixed income with me. We struggle to make it happen now and SS and VA pension increases aren’t enough to make a dent in it. It will be impossible to stay,” Mark Hilton said.

According to the Florida Apartment Association, the average monthly rent in the Jacksonville area went from $1,125 in 2020 to $1,411 in 2022.

The group also says there are fewer vacant apartments in Jacksonville than in the past and that limited supply is driving up prices. And while we’ve seen new apartments go up around the city, the group says, construction isn’t keeping pace with demand.

“Jacksonville was one of 14 cities in the United States that saw a population increase of 100,000 or more from 2010 to 2020. This significant and rapid population growth is fueling the demand for housing in a market with constrained supply. Although Jacksonville’s multifamily market rate inventory has grown by 18 percent in the last five years, construction has still failed to keep pace with growing demand for housing. To put this in perspective, the vacancy rate in the Jacksonville market is currently 5 percent, nearly half the historical average of 9.4 percent. As a result of the limited supply, the average rent in the Jacksonville market area is $1,411,” the group said in a statement.

The association also said demand is an issue in other metro areas including Orlando, Tampa, and Miami, but added that the area remains more affordable when compared to Orlando ($1,658 average rent), Tampa ($1,665 average rent), and Miami ($2,011 average rent).

Democratic state lawmakers are calling on Gov. Ron DeSantis to declare a state of emergency that would make rent hikes over 10% qualify as price gouging.

One Central Florida state senator is trying to tackle the issue through new legislation that would give local governments the authority to determine how much of an increase they can demand.

State Senator Victor Torres said he thinks landlords are taking advantage of our current economy and inflation.

“Some landlords are getting greedy, they are getting out of hand, they don’t see the broader pictures that people are in need,” he said. “We’ve gone through two years of a pandemic debacle and we need to help our people.”

Torres said Senate Bill 580 would give local governments the power to impose rent control measures, forcing landlords to incrementally raise the rent, rather than hiking it up 25 to 35%.

“The reality is how can you afford a four or six hundred dollars increase in rent? You’re putting people out in the street and these are working people, working-class. It’s a shame this is occurring and we have to do something about that,” Torres said.

The I-TEAM reached out to Jacksonville Mayor Lenny Curry’s office to see if he would support legislation that would create rent control measures and the mayor’s office responded with a statement:

Torres said SB 580 is waiting to be heard by three Senate committees before it can get a vote by the full Senate.

There is also an identical bill in the Florida House.

Copyright 2022 by WJXT News4Jax - All rights reserved.

What's behind the Northeast Florida apartment boom

Apartment sales dominated the top 10 commercial real estate sales for the year, accounting for nine of them, and comprised all of the top 10 sales of the fourth quarter. Three Northeast Florida real estate teams explain why.By Laura Gonzales • Franklin Street Jacksonville Regional Managing DirectorJacksonville, the largest city in Florida, has experienced positive population changes, increases in wages, strong market fundamentals and has outperformed the U.S. in terms of employment growth.J...

Apartment sales dominated the top 10 commercial real estate sales for the year, accounting for nine of them, and comprised all of the top 10 sales of the fourth quarter. Three Northeast Florida real estate teams explain why.

By Laura Gonzales • Franklin Street Jacksonville Regional Managing Director

Jacksonville, the largest city in Florida, has experienced positive population changes, increases in wages, strong market fundamentals and has outperformed the U.S. in terms of employment growth.

Jacksonville is no longer a secret.

Many people are moving here and are targeting this market to purchase commercial real estate. This has resulted in increased demand for ownership of multifamily projects.

Over the past two years, Duval County increased its total population by about 24,000 residents. Nassau, St. Johns and Baker counties all increased their populations by 5.27%, 5.06% and 4.92%, respectively.

The migration to Florida primarily has been from New York, Georgia, Michigan, New Jersey and Illinois.

Jacksonville sustained higher employment percentage gains in Q3 and Q4 2020 and all of 2021. Jacksonville’s unemployment rate is about 3.5%, which is below Florida and the national unemployment of about 4.2%.

In 2021 Jacksonville saw the largest absorption with more than 1,300 units, and vacancy rates still declined quarter over quarter. We anticipate 2022 to absorb a minimum of 600 units, 2023 about 585 units and 2024 about 400 units.

Jacksonville saw a record increase in 2021 of 22% year over year of rent growth. This was a tremendous growth over 2020 of 4%, 2019 of 3% and 2018 of 4%.

We anticipate rental rates will continue to increase with 2022 at 25% growth, 2023 at 26% and 2024 at 27%.

Rental rates increased quarter over quarter in 2021. Class A rents increased 6.04% to an average $1.58 a square foot. Class B rents increased to an average $1.34 a square foot, a 5.51% increase. Class C property rents increased 1.9% to $1.03 a square foot

We believe rents will continue to rise as they did in 2021.

Sales volume will continue to be high. Multifamily will continue to be the most sought-after asset type followed by industrial.

The sales value of multifamily hit an all-time average high in 2021 (in Class A and B properties). Class A averaged $249,000 per unit and Class B averaged a new high of $168,000 a unit.

If Jacksonville’s economic indicators continue to be on trend with 2021, we expect values to continue to be high and increase moderately in 2022.

Jacksonville has historically been supported by healthy market fundamentals including rent growth, population growth and continuous multifamily value appreciation.

This market is positioned for success and presents a strong opportunity for investors who want to enjoy significant value appreciation as well as increasing cash flows.

Relative to other Florida cities such as Miami, Orlando and Tampa, Jacksonville rents and average price per unit are much lower across multifamily assets. The market’s strength is also supported by low vacancy rates and positive absorption.

By John Rutherford & Luke McCann • NAI Hallmark

The increase in overall deal volume in the multifamily investment sector is rooted in the strong rental fundamentals that the North Florida market has built out over the last decade.

Jacksonville continues to offer a premium quality of life with its coastal location, year-round good weather, favorable tax climate and diverse employment sector. With all of this, it remains one of the most affordable markets in the country.

These factors have led to Jacksonville recently being recognized by LinkedIn as having the second-highest population migration percentage in 2021 at 14.3%.

In addition to the strong increase in population, Jacksonville now boasts a larger labor force than in March of 2020, according to the U.S. Bureau of Labor Statistics, showcasing a healthy recovery from the COVID-19 pandemic.

All of this has contributed to an uptick in population growth and household formation, furthering the rate at which demand outpaces supply. This has in turn led to increased rental rates and larger than expected returns for multifamily investors.

The ability to capitalize on these strong returns, especially in a low-interest rate environment, has pushed many groups to sell sooner rather than later.

For prospective purchasers, the strong fundamentals of population growth and diverse employment make Jacksonville a safer investment for years to come. With Jacksonville now being known for this, demand from investors has intensified, driving prices even further.

This is causing even long-term multifamily owners to consider taking advantage, too. The onslaught has of course produced this record number of sales over the last 18-24 months.

By Brian Moulder, Dhaval Patel & Bobby Gatling • Walker & Dunlop

We saw a significant demand for multifamily properties in Jacksonville in 2021.

From private capital to large institutions, everyone was looking to acquire or acquired multifamily assets.

There were several first-time buyers that entered this market as well. In fact, about a third of the deals were purchased by first-time buyers last year.

The surge in volume and pricing in Jacksonville is attributed to the robust fundamentals along with a strong economic performance.

From Q2 to Q3 2021, effective rents in Jacksonville increased by 9.1%, which resulted in an annual growth rate of 21%, ranking Jacksonville as the No. 5 city in the country in terms of rent growth.

Job growth is a big catalyst too. More than 30,000 jobs were added during a 12-month period and the forecast for 2022 is about 31,000 new jobs.

Another factor that is driving the sales volume and higher pricing is the abundant liquidity in the debt markets. The access to capital has expanded rapidly in the last two years beyond the traditional sources.

The availability of debt combined with a strong appetite for multifamily pushed the pricing on several deals to a record level in 2021.

As far as the forecast for 2022, we expect multifamily fundamentals and investor appetite to remain extremely strong for Jacksonville, resulting in yet another great year for our industry.

Walker & Dunlop represented the sellers in six of the top 10 sales for all of 2021 and seven of the top 10 sales in the fourth quarter of 2021.

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