Marcus & Millichap Lists $23M Shopping Center in Jacksonville, FL

JACKSONVILLE, FL,  May 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Gateway Town Center,(top left photo)  a 560,352-square foot regional shopping center in Jacksonville.

The listing price of $23 million represents $41 per square foot.

David Hsieh, (middle right photo) an associate vice president, and James Hoggatt, (bottom left photo)  a retail investment specialist, both in Marcus & Millichap’s Jacksonville office, are representing the seller, a Jacksonville-based limited liability corporation.

"The Gateway Town Center is comprised of an indoor mall and an outdoor retail center anchored by Publix,” says Hsieh. “The upside potential for an investor lies in the more than 160,000 vacant square feet.”

Located at 5320 Norwood Ave. in Jacksonville, the property features more than 1,600 feet of linear frontage on Interstate 95, is accessible from two highway exits and is less than three miles from Shands HealthCare, which is affiliated with the University of Florida Health Science Center, and downtown Jacksonville.

 The city’s third-largest public transportation station is located on the site as well.

Built in 1967 on approximately 56 acres, Gateway Town Center was renovated in 2005. The center’s national anchor tenants include Publix, Radio Shack, Firestone, Payless and Family Dollar. The Publix lease expires in 2015 with options to renew.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716